Worst AI Crypto Performers Today
NAIROBI (CoinChapter.com) – Over the past 24 hours, the overall cryptocurrency market cap has plunged by 12.9% to $1.95 trillion. The AI crypto sector has been hit hardest, with its market cap shrinking 16.7% to $18.4 billion. Bittensor (TAO), NEAR Protocol, and The Graph (GRT) are among the hardest-hit AI crypto coins.
Is Bittensor (TAO) Heading for a Major Rebound or Deeper Decline?
Bittensor (TAO) has seen a notable decline, with its price dropping 24.24% to $202.04. The chart shows a bearish trend, breaking below the crucial support at $238.80 and nearing the next support level of $200.27.
The price remains under pressure, with the 0.786 Fibonacci retracement level at $306.18 acting as a resistance level. The Relative Strength Index (RSI) is at 27.16, indicating an oversold condition, which suggests a potential short-term rebound, but there is insufficient volume to confirm a reversal.
If TAO fails to maintain its position above $200.27, it risks further declines, possibly reaching the psychological $150 mark. Conversely, a recovery could see it retesting the $238.80 resistance level.
The overall sentiment remains bearish, and investors should do their own research before investing in AI cryptos or other crypto assets in the near future.
Bittensor’s TAO token saw notable movements in its derivatives market recently. The trade volume for TAO skyrocketed by 413.35% to $228.17 million, indicating heightened trading activity and volatility as traders reacted to recent price movements. Meanwhile, open interest dropped by 23.38% to $29.60 million.
NEAR Protocol Plummets: Will It Rebound or Fall Further?
NEAR Protocol is trading at $3.37, experiencing a 26.46% decline. The price has fallen below both the 50-day ($5.21) and 200-day ($5.63) moving averages, forming a “death cross” pattern, indicating a bearish trend.
The current movement suggests strong selling pressure as the price breaks below key support at $3.14, with the next major support around $2.00.
The Relative Strength Index (RSI) is at 22.43, indicating oversold conditions that could trigger a short-term bounce. However, with bearish momentum persisting, NEAR could test the $2.00 support in the coming days. A recovery above $3.14 is necessary to shift sentiment toward a potential upward move.
The Graph (GRT) Price Drops Too
The Graph (GRT) is currently trading at $0.1197, experiencing a sharp decline of 23.87%. The price is in a strong downtrend, having broken through key support levels.
The descending triangle pattern suggests continued bearish momentum, with the support around $0.08. If GRT fails to hold at this level, it could potentially drop to $0.05, marking further downside risk.
Technical indicators, including the Relative Strength Index (RSI) at 20.68, signal oversold conditions, indicating a possible short-term rebound. However, the MACD remains negative, confirming ongoing bearish pressure.
The $0.08 support level is vital, as a breakdown from here could lead to more losses, while a rebound might aim for a recovery towards $0.15.
The on-chain data for The Graph (GRT) shows bearish sentiment, aligning with the price decline. The open interest-weighted graph reveals an increase in negative sentiment, suggesting that traders are betting on further price declines.
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