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Crypto Market Analysis: The Rise and Fall (and Potential Rise Again) of AI Tokens

Published 05/28/2024, 08:21 PM
Updated 05/28/2024, 08:45 PM
© Reuters.  Crypto Market Analysis: The Rise and Fall (and Potential Rise Again) of AI Tokens

  • A highly bullish market condition could send NEAR toward $10 in JUNE.
  • While RNDR might drop below the $9.83 support, GRT could rally to $0.50.
  • INJ could move toward $35 while TAO might revisit $490.

With the second quarter of the year entering its last month, market participants might be wondering if AI-themed tokens would perform well. This is because some of the top AI coins that gave a good show in March had shed a chunk of their gains this month.

Examples of tokens in this segment are Bittensor (TAO) and Injective (INJ). TAO’s price was $425.34 at press time, representing a 29.71% decrease in the last 90 days. For INJ, it has been a year of steady decline. On a Year-To-Date (YTD) basis, INJ’s price has decreased by 37.37%.

However, NEAR, Render (RNDR), and The Graph (GRT) have shown recovery signs within the last 30 days. For instance, GRT’s value increased by 15.45%, NEAR rose by 6.13% while RNDR registered a 19.66% hike in the same period. Here’s an analysis of how these tokens might perform in June.

NEAR Protocol (NEAR)

At press time, the price of NEAR was $7.84. This was a decline from the upswing recorded on May 26. Furthermore, the …

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