The cryptocurrency market has been experiencing increased uncertainty, with the Artificial Intelligence (AI) category facing a correction of 1.79% and currently valued at $34.25 billion. The 24-hour trading volume for AI tokens stands at $1.15 billion, indicating a significant decrease of -17.81% and a bearish sentiment prevailing in the market.
For investors looking to capitalize on the discount listing in the AI category, it is essential to analyze the top trending AI tokens for potential investment opportunities. In this article, we will delve into the short-term price analysis of the top 3 AI tokens in the market.
Artificial Superintelligence Alliance (FET)
The FET token has witnessed a slight drop of approximately 1% in the past day, with a trading volume of $101.89 million. Over the past week, FET has seen a decline of 5.46% and a significant drop of 21.22% in the past month, indicating an increase in selling pressure.
The Moving Average Convergence Divergence (MACD) indicator for FET shows a flatline in the 1-day timeframe, with a bearish trend in the Simple Moving Average (SMA) indicator. This suggests a negative outlook for the FET price in the near future.
If bullish momentum returns, FET could retest its resistance level of $1.650. However, if bearish sentiment prevails, the token may drop to its support level of $1.
Aioz Network (AIOZ)
AIOZ has experienced a significant decline of around 13% over the past week, pulling the price closer to its crucial support level of $0.4290. The token has been trading within a consolidated range between $0.4290 and $0.5935 since June, indicating a weak price action.
The Relative Strength Index (RSI) has dropped notably in the 1-day timeframe for AIOZ, while the Exponential Moving Average (EMA) 50/200-day shows a neutral trend. This mixed sentiment suggests uncertainty in the price movement of AIOZ in the coming days.
Maintaining the price above the support level of $0.4290 could lead to a retest of the resistance level at $0.5935. Conversely, a bearish scenario could see AIOZ plummet to its lower support level at $0.270.
Turbo (TURBO)
TURBO has witnessed a 10% drop in price volatility over the past week, with a market capitalization of $622.82 million, securing the 208th position in the global crypto market.
The Simple Moving Average (SMA) indicator for TURBO shows a bearish convergence, while the MACD indicator displays a rise in the red histogram with a negative crossover in its averages. This indicates weak buying pressure for the altcoin.
Breaking above the resistance level of $0.0107 could see TURBO retesting its high of $0.01344. Conversely, a bearish scenario might lead to a drop towards the lower support level of $0.0081450.
In conclusion, the AI market is experiencing a correction with bearish sentiment prevailing. Investors should carefully analyze the short-term price movements of AI tokens to make informed investment decisions during this period of uncertainty.