The post AI Tokens Record Losses Despite Market Pump! What’s Next For RNDR, INJ, And ROSE? appeared first on Coinpedia Fintech News
The crypto industry has regained its lost momentum as the market has recorded a notable run this year. Top cryptocurrencies have repeatedly recorded new yearly highs, highlighting a rising adoption in the crypto space.
Further, AI tokens have gained significant attention as two of these tokens have successfully secured a spot in the top 5 gainers of the crypto industry this year. Injective has recorded a gain of over 1,200%, with Render token adding 780% to their respective portfolios.
Render Token Price Analysis:
The RNDR price traded in a consolidated range between $2.125 and $2.617 for the first half of November, following which the bulls regained momentum, and the price broke out of the range. The price recorded a jump of 60% in value within two days, after which the price faced rejection at $3.40.
Following this, the price traded between $3.150 and $3.40 for a while. During this time, the RNDR token experienced significant volatility in its value. The Render price, after multiple attempts, successfully broke out of the range and recorded a gain of 18%.
Recently, the price faced rejection at $4.029, following which the price has recorded a correction of over 6%. Positively, the 50-day EMA acts as a dynamic support, indicating a possibility of a trend reversal.
The MACD displays a rising red histogram, indicating a bearish influence over the price. Further, the averages show a bearish convergence, suggesting the price will continue experiencing a correction in value.
If the bulls push the price above the resistance level of $3.721, the RNDR price will regain momentum and prepare to test its upper resistance level of $4.029. Conversely, if the bulls fail to hold the price above the support level of $3.40, the price will continue losing value and test its low of $3.150 soon.
Injective Price Analysis:
November started positively as the INJ price recorded a gain of over 18% within the first two days. The price faced rejection at $15, following which it experienced a minor short in value. After multiple attempts, the price successfully broke out of the upper level and displayed a jump of approximately 20%.
The injective price then faced rejection at $17.913, following which the bulls made multiple attempts to break out. The market gained momentum and the bulls successfully broke out but hovered close to their resistance level for a while, after which the bulls lost momentum.
Since then, the price has been trading in a consolidated range between $15 and $17.913. The price has displayed significant price volatility during this time.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating an increasing selling-over-buying pressure in the market. Further, the averages show a constant fall, suggesting the price will continue undergoing a correction in value.
If the bulls hold the price above the support level of $16.343, it will regain momentum and prepare to test its resistance level of $17.913 soon. Conversely, if the bears overpower the bulls, the price will continue to fall and test its lower support level of $15 in the coming days.
Oasis Network Price Analysis:
The Oasis Network started trading in November with a neutral trend. As the market gained momentum, the ROSE price broke out of the range and displayed a jump of 20%. Following this, the price experienced minor volatility.
The ROSE price regained momentum and displayed another jump of 20% in value before facing rejection at $0.070. The price then traded sideways between $0.06491 and $0.07702 for almost three weeks. Following this, the price broke out of the range, but the rally was short-lived as the price was restricted at $0.08306.
After multiple attempts, the price successfully broke out of the upper level but traded in a narrow space between $0.08306 and $0.08910 for a while. Recently, the price lost momentum and experienced a breakdown.
The technical indicator, MACD, displays a constant red histogram since the month started, indicating a strong bear power. Further, the averages show a constant fall, suggesting the price may experience a correction in the coming time.
If the bulls hold the price above the level of $0.08306, the price will regain momentum and test its upper level of $0.08910 soon. Conversely, if the bears overpower the bulls, the price will lose momentum and test its lower support level of $0.07702 in the coming days.
Conclusion:
The AI tokens displayed a notable run during the first half of the year as major tokens recorded gains of over 200% in their respective value. The AI category has immune potential and is still in an early stage of development.
Thus, this gives investors a potential chance to be early investors as these tokens have the potential to record massive jumps in their value in the coming time.
#PriceAnalysis #Altcoins [Source: Coinpedia]