Artificial Intelligence (AI) coins had a good run toward the end of August. However, the first week of September 2024 has been challenging, with most experiencing significant declines.
Despite the market correction, a few AI coins managed to register price increases this week. The top three performers are Covalent X Token (CXT), Dojo Protocol (DOAI), and Vectospace AI (VXV).
Covalent X Token (CXT)
CXT, the native token of the Covalent ecosystem, powers a decentralized AI-based blockchain infrastructure that supports settlement and data access across multiple networks. Between September 3 and 6, CXT’s price surged by 30%.
The upswing began after the 20-day Exponential Moving Average (EMA) crossed above the 50-day EMA, forming a bullish pattern known as a golden cross. Within days, CXT hit $0.072.
However, its price has since pulled back slightly to $0.069. Additionally, the Money Flow Index (MFI) shows a decline, signaling that selling volume has outpaced buying pressure.
Read more: A Guide to the Best AI Security Solutions in 2024
Should this continue, CXT’s price might drop to $0.060. However, this thesis would be null and void if buying pressure resumes or AI coins momentum surges like in August. In that scenario, CXT might retest $0.072.
Dojo Protocol (DOAI)
Dojo Protocol is a blockchain designed for AI data monetization, and its native token, DOAI, helps facilitate this. DOAI’s price initially surged after NVIDIA recently reported affected AI coins badly, reaching a peak of $0.034 three days later.
Afterward, the price plunged to $0.025. However, the AI coin’s price increased again this week as a 22% hike drove it to $0.33. Unlike CXT, the 4-hour DOAI/USDT chart reveals that the price might continue to trade higher.
One reason is the Chaikin Money Flow (CMF), a technical indicator that shows if accumulation is higher or distribution is more present. From the chart below, the CMF reading increased, indicating that DOAI remains in bullish control.
If this continues, the price looks well on its way to surpass $0.035. However, profit-taking might neutralize this bias. Should DOAI holders sell for some gains, a drop to $0.030 could be next.
Vectospace AI (VXV)
Vectospace AI’s native cryptocurrency, VXV, rounds out the list. This blockchain project utilizes patent-protected Natural Language Processing (NLP) to deliver datasets. VXV moved sideways for much of the week but recently saw a notable price increase.
Currently trading at $0.38, the Relative Strength Index (RSI) approached the neutral point. Had it dropped below this level, VXV’s price might have declined. However, the bounce off the RSI midpoint suggests potential for further gains.
Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024
If the bullish momentum continues, VXV’s price could rise to $0.43. On the flip side, if the RSI dips, the coin’s price could pull back to around $0.34.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/top-ai-coins-first-week-september/
2024-09-07 13:56:34
