The AI coins you should be interested in today are
Interest in Render [RNDR] and Bittensor [TAO] has surged over the past few months due to the growing popularity of artificial intelligence. Recently, however, the hype surrounding the coin has died down.
While the momentum for AI tokens is not what it was a few weeks ago, there are other factors that could boost the growth of RNDR and TAO in the long run.
Is open source artificial intelligence the future?
Artificial intelligence users want open source approaches to creating AI-related technologies, according to new research data.
In addition to this research, major Internet figures have also called for open source artificial intelligence technology. Recently, Elon Musk announced that X’s LLM tool Grok has been open sourced to the public. These factors are actively changing perceptions of open source AI technology.
Render and Bittensor are both open source technologies in the field of artificial intelligence that use decentralization principles embedded in the cryptocurrency ethos. As demand for open source AI tools continues to grow, so will interest in these technologies and their tokens.
However, investing in AI tokens may be a long-term investment as their current price action does not show a positive outlook.
High correlation
RNDR is currently trading at $11.06, down 0.28% in the past 24 hours. Over the past few weeks, the price of RNDR has made multiple lower lows and lower highs, indicating a bearish trend.
CMF also fell to -0.03. The decline in Chaikin Money Flow (CMF) indicates that buying pressure is waning relative to selling pressure.
It may take significant bullish momentum to reverse RNDR’s price action and bring it back to $13 levels.
The price of TAO has also shown a similar movement price-wise and has also been trending bearishly over the past few weeks. Meanwhile, TAO’s RSI plummeted, indicating that there is no bullish momentum behind the coin.
The price action of TAO and RNDR shows extreme correlation, which is common for tokens in the artificial intelligence space, and they may show similar price action in the future.
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