- Prices of NEAR, RNDR and TAO have risen in the past 24 hours.
- However, these tokens may not be able to sustain this trend.
Artificial Intelligence (AI) Token Market is Bitcoin’s [BTC] The recent surge has taken it to over $71,000.
Over the past 24 hours, AI Token’s market cap has increased by 5% and trading volume has grown by 20%. CoinMarketCap.
The value of major crypto assets such as Nia based on AI and big data [NEAR]give [RNDR]Bittensol [TAO]have risen 8%, 5% and 7%, respectively, in the past 24 hours.
No clear signs of continued rise
An evaluation of the token’s key momentum indicators, which track buying and selling activity, reveals that the price increase is not supported by actual demand from market participants.
This simply reflects the overall rise in the cryptocurrency market over the past 24 hours.
For instance, NEAR’s Relative Strength Index (RSI) was 52.29 while its Money Flow Index (MFI) was 26.96.
A combined reading of the two momentum indicators indicated that while market sentiment remained largely neutral, there was significant outflow of funds from the NEAR market.
This suggests that the altcoin may lose its recent gains as selling pressure intensifies.
NEAR/USDT Chart. Source: TradingView
As for the RNDR, at the time of writing we have seen that the Chaikin Money Flow (CMF) is below the zero line. This indicator measures the inflow and outflow of funds into the asset market.
A return of a value below zero indicates market weakness, suggesting a sudden surge in selling pressure due to capital flight and a possible price decline. At the time of writing, RNDR’s CMF was -0.05.
RNDR’s Aroon Up Line (orange) is at 0%, confirming the weakness of the current uptrend. The asset’s Aroon indicator measures trend strength and potential price reversal points.
If the Aroon Up line is close to zero, the market uptrend is considered weak and the most recent high was reached quite some time ago.
RNDR/USDT Chart. Source: TradingView
TAO is performing similarly, with its price currently trading near its 20-day exponential moving average (EMA).
When the price of an asset trades close to this important moving average, the market will consolidate as the price remains within a range.
This was confirmed by a decline in the average true range (ATR) of TAO. This indicator measures market volatility.
TAO/USDT Chart. Source: TradingView
A decline like this suggests the market is going through a period of indecision or consolidation.
