In the ever-fluctuating world of cryptocurrency, investors are eagerly eyeing potential opportunities for the anticipated 2024 Bull run. Five AI-driven coins have emerged as candidates for significant growth in the crypto sphere. Among them, Injective (INJ), purpose-built for financial applications, has caught the attention of investors with its bullish trends.
Subsequently, beyond Injective, The Graph (GRT), RenderToken (RNDR), Oasis Network(ROSE), and Fetch.AI(FET) each present unique market scenarios featuring diverse price dynamics and technical signals. This analysis delves into the top 5 AI coins, offering a glimpse into their price forecasts for the 2024 Bull run, arming investors with essential insights to navigate the crypto landscape.
1. Injective(INJ)
Injective, a blockchain built for finance, has shown bullish trends. Its price is $16.90, up by 7.75% in the last 24 hours. Analyzing the daily price chart from TradingView reveals a blue line, symbolizing the 50-day Exponential Moving Average (EMA). This EMA, with its upward slope, indicates a bullish trend.
Additionally, the Relative Strength Index (RSI) level at 68.93 hovers near the overbought threshold of 70. This suggests a potential price retracement or correction if it exceeds this level.
Furthermore, the recent candlestick patterns on the daily price chart of Injective indicate a combination of consolidation and volatility, as evidenced by the size of the candlestick wicks. The bullish trend may persist if the EMA continues its upward trajectory and the price stays above it. However, crossing the overbought RSI threshold could signal a short-term pullback or consolidation. Significantly, increased volume on bearish (red) candlesticks could indicate a stronger bearish sentiment.
2. Graph (GRT)
The Graph, an indexing protocol vital for querying data on networks like Ethereum and IPFS, presents a different market scenario. Its current price is $0.138165, up by 7.06%. The TradingView chart for The Graph shows an alternating pattern of green and red candlesticks. The closings are roughly at the same level, hinting at market indecision. The trading volume remains moderate without notable spikes. Consequently, this points to steady trading activity.
The RSI for The Graph is around 61.11, indicating balanced momentum. The KST line, being above the signal line, suggests bullish momentum. This momentum is bolstered by higher lows in the recent uptrend, a bullish indicator. The last candlestick, a small green body with no wicks, might signal a slight price rise. The RSI not being overbought implies potential room for price growth before hitting resistance. Hence, the bullish crossover of the KST may indicate the continuation of the current trend.
3. RenderToken (RNDR)
RenderToken, a GPU rendering network leveraging Ethereum’s blockchain, shows a current price of $3.29, with a 6.45% increase over the last 24 hours. The RNDR/TetherUS daily price chart reveals a more optimistic scenario. Green candlesticks dominate, indicating days when the closing price surpassed the opening price, a bullish signal.
Furthermore, the chart’s volume bars at the bottom underscore a significant rise in volume, aligning with the latest green candlesticks. This surge suggests robust buying interest.
Moreover, the chart’s technical indicators bolster this positive outlook. The KST line, in red, stands above the blue signal line, hinting at bullish tendencies. Additionally, the Relative Strength Index (RSI) of 65.39 remains below the overbought threshold of 70, implying potential room for further price appreciation—the sharp uptick in price and increased volume point to strong buying pressure. The price’s leap over the moving average line further suggests a bullish trend.
4. Oasis Network
Oasis Network, a layer-1 blockchain platform, presents an intriguing picture. Its price at $0.070532 has seen a 6.47% increase in the past day. The chart, set to a 1-day timeframe, shows candlesticks in red and green, representing daily price fluctuations. The chart’s technical analysis includes Fibonacci retracement levels, representing potential support and resistance.
The asset’s RSI, at 67.26, is relatively high, hinting at a possible overbought state. The price trend exhibits an uptrend with a recent pullback. In case of a price retrace, the Fibonacci levels offer support, particularly at the 0.618 level. High volume supporting the price rise, often signals a stronger bullish inclination. However, traders might anticipate a consolidation phase or a slight pullback, given the high RSI.
5. Fetch.AI
Fetch.AI, an AI-centric decentralized network, records a price of $0.567785, marking a 15.67% increase over the last 24 hours. The FET price chart features candlesticks representing daily trading activity. Notably, an increase in volume coincides with price hikes, typically a bullish indicator. The RSI at 67.55, nearing the overbought threshold, suggests the market might soon view it as overbought, leading to a potential correction.
The chart also includes Fibonacci Retracement levels, predicting possible reversal points. The recent uptrend is evident, with the price rising significantly from previous lows. This uptrend, backed by increasing volume, hints at a possible continuation if the buying momentum persists. However, a price pullback might occur with the RSI approaching overbought levels, potentially finding support at Fibonacci levels.
As the crypto community eagerly anticipates the 2024 Bull run, these top 5 AI coins – INJ, GRT, RNDR, ROSE, and FET – present intriguing opportunities and challenges. While each coin showcases its unique market dynamics and technical signals, investors must exercise caution and conduct thorough research before making investment decisions. The crypto landscape remains volatile, and price forecasts are subject to change.
