Market
AI Coins That Performed Well in August 2024’s Third Week
The crypto market has had a bullish week on average. Like many altcoins, Artificial Intelligence (AI) coins were not left out of the rally.
While many AI-themed cryptos jumped, Numeraire (NMR), Marlin (POND), and Bittensor (TAO) recorded the highest gains. Here’s how it happened.
Numeraire (NMR)
Numeraire (NMR) is an ERC-20 token built on the Ethereum blockchain and developed by Numerai, an AI-focused firm based in San Francisco.
This week, NMR’s price surged nearly 50%, reaching a high of $18.32, its highest since July 26, before slightly dropping to $17.07 at press time. The price increase was driven by growing buying pressure, as indicated on the daily chart.
On August 5, NMR’s price was below $10, and its Relative Strength Index (RSI) signaled an oversold condition. Typically, an RSI reading below 30.00 indicates oversold conditions, while a reading above 70.00 suggests overbought levels. As shown below, the RSI increased as buying momentum picked up, contributing to the token’s price jump.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
On Thursday, the reading later hit the overbought point, which led to the recent retracement. Should the momentum continue to fall, NMR’s price might decline to the underlying support at $14.81. However, if bullish dominance comes into play, the value could rise toward $19.19
Marlin (POND)
POND, the native utility token of Marlin, an open protocol that provides the required infrastructure for Web3 projects, saw its price increase by 26.94% in the last seven days. At press time, this AI coin is trading at $0.015.
From the image below, we observed the Bull Bear Power (BBP) is in the positive region. The BBP measures the capability of sellers to drag prices down or the strength of buyers in lifting a crypto value up.
If the reading is negative, bears are in control, and the price might decrease. However, a positive reading, such as in POND’s case, suggests that bulls are dominant. Thus, if this continues, the price of the Marlin utility token could rise to $0.017.
However, if bears eventually neutralize bull power, the AI coin price might drop to $0.014 or as low as $0.012.
Bittensor (TAO)
The final AI coin that performed well this week is Bittensor (TAO), an open-source protocol enabling decentralized, blockchain-based machine-learning networks.
TAO’s price has surged by 25.70% in the past seven days, including a 14% increase in the last 24 hours. The price jump is likely linked to Grayscale’s recent launch of investment funds associated with the cryptocurrency.
Currently trading at $339.92, TAO bulls have successfully defended the key $260 support level, which was crucial for the recent upswing. Increased buying pressure pushed the token above resistance levels at $290.64 and $303.95.
At the moment, the Chaikin Money Flow (CMF) indicator has moved out of the negative zone, suggesting accumulation is dominating over distribution. If accumulation continues, TAO could hit $371.40 before the weekend ends.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
However, if profit-taking occurs, the token’s bullish momentum might fade, leading to a possible drop below $300.
Disclaimer
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