The weakness in the broader crypto markets has impacted more or less all altcoins. While some investors are looking at it as a panic situation, on the contrary, few are looking at it as a buy-on-dip opportunity to invest at a discounted price.
Out of several categories in the crypto world, the AI sector has attracted investors due to its immense scope of growth and development. Let’s analyze the top three AI cryptocurrencies along with their growth possibility in the upcoming weeks.
Injective (INJ), The Graph (GRT), and Bittensor (TAO) emerged as the top three AI-related cryptocurrencies that may show growth in the upcoming weeks. The AI tokens had a combined market capitalization of nearly $25 Billion at the time of writing.
Injective (INJ) Crypto
Injective (INJ) is a financial-focused blockchain. It serves as a foundational layer for a variety of DeFi applications, such as decentralized exchanges for spot and derivatives trading, prediction markets, and lending platforms.
When writing, INJ’s live market capitalization was $1.78 Billion, ranking 45th in the cryptoverse. The transaction volume surged to $206 million a day. Out of 100 Million total supply, 93.40 Million INJ tokens were in circulation at press time.
The daily INJ/USD chart highlights that Injective crypto price has been in a long term downtrend and has since mid June after the bulls failed to reclaim a bullish territory above the 200 day Exponential moving average.
Currently, the crypto has made a breakdown of the short term consolidation near the $20 level indicating a bearish continuation on the charts.
The Graph (GRT)
The Graph serves as a pivotal indexing protocol for querying blockchain data, which is essential for Ethereum and IPFS networks. It is a key player in DeFi and the expansive Web3 ecosystem. It enables the creation and publication of open APIs, known as subgraphs, which are accessible through GraphQL for data retrieval.
The technical indicators highlighted that The Graph crypto price was trading below the key exponential moving averages of 20, 50, and 200 days, indicating a bearish trend on the charts.
Recently, the GRT crypto suffered rejection from the 20 day EMA and made a breakdown on the lower side indicating a bearish continuation. It has a live market capitalization of $1.66 Billion and ranks 46th in the overall crypto market.
Bittensor (TAO)
Bittensor is an open-source protocol for a decentralized machine learning network, rewards collaborative model training with TAO tokens based on their contributed informational value.
The price action analysis revealed that Bittensor crypto has declined since April following a declining parallel channel pattern. The price has recently taken a rebound from the lower boundary and may surge towards the boundary of the upper channel.
Despite the long term trend being bearish, the short term trend may show gains if the price resumes above the previous day’s high. On the higher side, the $250 and $300 may act as a hurdle for the buyers.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
