Cryptocurrency projects based on artificial intelligence are a new category of cryptocurrencies that have attracted the attention of investors. Because of this, projects in this category are closely competing with each other to become the best AI-powered crypto startup.
The launch of ChatGPT and other chatbots earlier this year created a surge of excitement around their respective crypto tokens. Projects based on them use the power of artificial intelligence to increase efficiency, accuracy and automation in the cryptocurrency ecosystem.
According to CoinMarketCap, despite the hype around such cryptocurrencies, the market capitalization of this segment over the past 24 hours fell by 2.84% to $4.4 billion. 24-hour trading volume of cryptocurrencies in this category also decreased by 12.26% on the day .
The top five AI-based crypto projects included The Graph (GRT), Render Token (RNDR), Injective (INJ), SingularityNET (AGIX) and Oasis Network (ROSE). All of them posted 24-hour losses, but a rally is highly likely.
The Graph (GRT)
Like most crypto tokens on the market, GRT suffered losses at the beginning of the week. The token is currently trading at $0.09884 with a daily loss of over 2%. Weekly GRT figures were in the red zone with a figure of -0.39%.
From a technical point of view, the price of the altcoin should have broken the 9-day EMA line. Over the past 48 hours, GRT price was able to break above this technical indicator, but closed yesterday's trading session below the EMA line.
If GRT price closes today's trading session above the 9-day EMA line, it will likely seek the next resistance level at $0.1196 going forward. A daily close below the technical indicator could put the altcoin at risk of falling to $0.0774.
Render Token (RNDR)
RNDR was another AI token whose price dropped over 2% over the past day to the current $1.95. However, the token's weekly performance increased by approximately 0.98%.
The current price of RNDR is at the support level of $1,906, having broken above the 9-day EMA line over the past 48 hours, causing the altcoin price to fall to a one-week low of $1,722. Yesterday, the bearish selling pressure was too much for the bulls, causing the RNDR price to close below the EMA line.
If RNDR price can close today and tomorrow above the aforementioned support level at $1,722, then it could turn the next resistance level at $2,317 into support next week. However, a close below $1,722 in the next 48 hours will see the RNDR price fall to $1,590.
Injective (INJ)
INJ also suffered a 24-hour loss of over 2%, but the token's weekly performance is still firmly in the green at +3.69%. The cryptocurrency is currently valued at $6.04, trading between a 24-hour low of $5.89 and a daily high of $6.26.
Recently, a notable bearish flag formed on the daily INJ chart as the daily RSI line crossed above the daily RSI SMA line over the last 48 hours. If this bearish flag is confirmed, the altcoin price could fall to $5 next week.
A daily candle close above the 9-day EMA line over the next 48 hours will reverse the bearish momentum. If this happens, the price of INJ will rise to $7,464 over the next 48 hours.
SingularityNET (AGIX)
During the last day of trading, AGIX experienced the least difficulties, losing just 1.35%. The cryptocurrency's weekly performance also remained in the green by over 4%. Meanwhile, AGIX's 24-hour trading volume has risen more than 80% above $12 million since yesterday.
AGIX price tried to transform the resistance level at $0.23481 into support. If this hurdle is cleared over the next 2 days, the token will be on track to rise to $0.32788 next week. Failure to rise above this level over the next 48 hours will result in the price of AGIX falling to $0.17424.
Oasis Network (ROSE)
Like the rest of the cryptocurrency AI market, ROSE also recorded a 24-hour loss. Today, the altcoin is trading at $0.04565 after a price decline of 3.37%. However, the altcoin's weekly performance remains positive at +3.37%.
Additionally, ROSE's 24-hour trading volume fell over 20% to remain at approximately $28 million. Since the token reached its ATH in January 2018, the token's price has dropped 88.61%.
Over the past 3 days, the daily RSI ROSE line has crossed the bullish RSI SMA line. However, the slope of the RSI line changed from positive to negative after the altcoin price encountered a deviation from the 9-day EMA line.
If the RSI line crosses below the SMA line within the next 48 hours, the ROSE price will fall to $0.03770 in the next couple of days. If the ROSE price is able to close the daily candle above the 9-day and 20-day EMA lines over the next 2 days, then the price of the cryptocurrency has every chance to rise to $0.05.