The crypto industry had recorded a significant uptrend during the previous week as major tokens recorded massive price action in their respective portfolios. Further, the total market cap of the market is on the verge of achieving the $2 Trillion mark, indicating a strong bullish influence in the crypto space.
On the other hand, AI tokens continue to witness significant attention from investors by displaying constant price volatility in their charts. Moreover, this category is predicted to gain massive traction in the coming time as more users are adopting this technology each day.
Fetch.ai Price Analysis:
The Fetch.ai price traded in a consolidated range between $0.5211 and $0.6485 for over three weeks, following which the market regained momentum and the price gained just enough power to break its resistance level.
The FET price then traded sideways with the help of the support level for a short period, after which the bulls attempted a breakout but repeatedly faced rejection at its resistance level. After multiple attempts, the bulls successfully broke out and have been trading under a bullish influence since.
The Moving Average Convergence Divergence (MACD) displays a constant decrease in the green histogram, indicating a decline in the buying pressure. Moreover, the averages show a high possibility of a bearish convergence, highlighting uncertainty in future price action.
If the market pushes the price above the resistance level of $0.9987, the bulls will prepare to test its upper resistance level of $1.110 this month. Conversely, if the bears overpowered the bulls, the FET token would lose momentum and fall to test its lower level of $0.8052 in the coming time.
Theta Network Price Analysis:
The THETA token traded in a closed range between $0.965 and $1.052 for a while, after which the bulls lost momentum, resulting in a THETA price breakdown. Following this, the price traded between $0.904 and $0.965 for a period.
As the market volatility grew, the price broke out of the resistance level and traded sideways for the next eighteen days. Following this, the Theta Network price constantly traded in a rising pattern until it faced rejection at $1.315. Since then, the price has been trading under a bearish influence.
The technical indicator, MACD, displays a constant decline in the histogram, indicating increased selling pressure in the market. Moreover, the averages show a potential bearish convergence, suggesting a negative price action for the coin in the coming time.
If the bulls hold the price above the support level of $1.204, the bulls will regain momentum and prepare to test its upper limit of $1.315 in the upcoming weeks. Negatively, if the bears continue to dominate the market, it will plunge and test its lower support level of $1.152.
Ocean Protocol Price Analysis:
The Ocean Protocol token traded sideways for a short period, following which the market lost momentum and the bulls broke down the support level. After testing its low of $0.0906, the ROSE token regained momentum and recorded a bounce back in the chart.
Following this, the price traded in a closed range for the next seven days. The Ocean Protocol price then recorded a jump of 42.28% in valuation before facing rejection at $0.12428. After this, the price traded under a bearish influence and lost over 24% over the next four days.
After multiple failed attempts, the bulls regained power and recorded a jump of approximately 7%. Since then the price has been trading in a consolidated range between $0.11583 and $0.13431, indicating a weak price action for the coin in the market.
The MACD displays a rising red histogram, highlighting a bear power for the coin in the crypto market. Further, the averages show a bearish convergence, suggesting the Ocean Protocol price will continue losing value in the coming time.
If the market pushes the price above the resistance level of $0.1242, the bulls will retest its upper limit of $0.13431 this week. Conversely, if the bulls fail to gain momentum, the ROSE price will lose momentum and prepare to test its lower level of $0.10769 this month.
Conclusion:
Overall, the Artificial Intelligence (AI) category has been displaying significant volatility since the year started, indicating a constant price action for these tokens in the market. Despite the current market sentiments highlighting a negative trend for this sector, AI tokens are predicted to record massive price action in the upcoming months.
Note: This article is not financial advice and is written only for research purposes. It is best suggested to do your own research before investing in any digital asset as cryptocurrencies are highly volatile.
