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NEAR, RNDR, TAO prices rise: AI tokens on the move?
- The prices of NEAR, RNDR and TAO have increased in the last 24 hours.
- However, these tokens may not be able to maintain this trend.
The artificial intelligence (AI) token market has seen a rally That of Bitcoin [BTC] recent surge above $71,000.
Over the past 24 hours, the market capitalization of AI tokens increased by 5%, while trading volume increased by 20%, according to CoinMarketCap.
The values of major cryptocurrency assets based on artificial intelligence and big data, such as Near [NEAR], Render [RNDR]AND Bite [TAO]have increased by 8%, 5% and 7% respectively in the last 24 hours.
No clear signs of a continuation of the rally
An evaluation of key token momentum indicators, which track buying and selling activity, revealed that their price increase was not supported by any real demand from market participants.
It simply reflects the rally in the overall cryptocurrency market over the past 24 hours.
For example, NEAR’s Relative Strength Index (RSI) was 52.29, while its Money Flow Index (MFI) was 26.96.
A combined reading of the values of the two momentum indicators showed that while market sentiment remains mostly neutral, there has been a considerable outflow of money from the NEAR market.
This suggests the possibility of the altcoin losing its most recent gains as selling pressure gains traction.
Source: NEAR/USDT on TRadingView
As for RNDR, its Chaikin Money Flow (CMF) was spotted below the zero line as of this writing. This indicator measures the flow of money into and out of the market for an asset.
When it returns a value less than zero, it signals market weakness. It suggests a spike in selling pressure, marked by capital flight, and an indication of a potential drop in prices. At the time of this writing, RNDR’s CMF was -0.05.
RNDR’s Aroon Up Line (orange) was at 0%, confirming the weakness of the current uptrend. The Aroon indicator of an asset measures the strength of the trend and potential reversal points in the price.
When the Aroon Up Line is near zero, any uptrend in the market is considered weak and the most recent high was reached a long time ago.
Source: RNDR/USDT on TRadingView
TAO’s performance is no different, as its price is currently trading near the 20-day exponential moving average (EMA).
When the price of an asset trades near this key moving average, the market consolidates while the price remains within a range.
This was confirmed by the decline in the Average True Range (ATR) of the TAO. This indicator measures market volatility.
Source: TAO/USDT on TRadingView
When it declines like this, it suggests a period of indecision or consolidation in the market.