Here are the best AI cryptocurrencies of the week

In this analysis, BeInCrypto highlights three AI cryptocurrencies that have experienced significant price growth.

Aioz Network (AIOZ): the success of AI and DePIN

AIOZ, the native token of the Aioz Network, a decentralized platform that operates a global network of content distribution nodes. The asset has seen a price increase of 45.63% in the last seven days. Already considering BeInCrypto, it is undeniably one of the AI ​​crypto of the week. At the time of writing, it is trading at $0.76.

Currently, the altcoin is trading above its 20-day exponential moving average (EMA). The 20-day EMA calculates the average price over the past 20 days with more emphasis on current data.

This pattern suggests a short-term uptrend. It signals that buying pressure is prevailing and the asset is benefiting from an uptrend.

To go further: here are 10 AI tokens to follow in 2024.

If AIOZ maintains this uptrend, its price could rise to $0.79. A successful breakout beyond this level could put it on track to regain its annual high of above $1.

However, there is a catch. Its declining Chaikin Money Flow (CMF) suggests that buying pressure is weakening. AIOZ’s CMF, which tracks money flows into and out of its market, is below zero at -0.02.

When an asset’s CMF is negative, while prices are still rising, buying pressure decreases. Unfortunately, this creates a bearish divergence. This divergence is a warning sign that the uptrend may not be sustainable. Furthermore, the asset could potentially face a reversal if the selling pressure continues.

If this happens, the price of AIOZ could drop to $0.61, invalidating the bullish outlook around the token.

Render another DePIN in the pond

IA Render (RENDER) crypto price has increased by 34% in the last seven days. With this asset we find one of the main AI tokens of the week. During the past week, RENDER reached a five-month high of $7.20. This was before the decline occurred in the last 24 hours due to the general market decline. Still, it is trading at $6.69 and maintaining its uptrend.

RENDER’s Parabolic Stop and Reverse (SAR) indicator confirms this bullish outlook. At the time of writing, indicator points that identify the asset’s trend direction and potential reversal points can be found below the RENDER price.

To go even further: DePIN cryptocurrencies are doing much better than AI tokens.

When the Parabolic SAR points are placed below the price of the asset, it indicates that the asset is benefiting from upward pressure and the trend is bullish. Traders interpret this as a signal to go long.

If this trend continues, the price of RENDER could probably test the resistance at $7.39. A successful breakout could push the token to $8.62.

However, if profits are taken early, the bullish outlook could be invalidated. The price of the token could drop to $5.87.

Near Protocol (NEAR) : the third option

NEAR is another AI token that has shown impressive performance over the past week. It is trading at $5.52 and has seen an increase of 31% during the analyzed week.

His Elder-Ray Index confirms that the bulls remain in control of the market and are trying to push the NEAR price higher. At the time of writing, the value of the indicator is 1.07.

The Elder-Ray Index measures the strength of buyers (bulls) and sellers (bears) in a market. When its value is positive, it generally means that buyers are stronger than sellers. Consequently, this indicates a bullish sentiment in the market.

If buying pressure builds, the price of NEAR could break through its resistance at $6.04. It should even try to get closer to $6.74. This peak was last reached in June.

However, a change in market sentiment from positive to negative would invalidate this bullish thesis. If selling activity picks up, NEAR price could drop below $5 and trade at $4.47.

Moral of the story: it’s climbing, but not so much on the robot side.