The post Have AI-Tokens Lost Their Track: NEAR, INJ & RNDR Price Face Significant Drop appeared first on Coinpedia Fintech News
The recent rise in the markets was fueled by one of the emerging platforms, AI. AI tokens like NEAR, FET, RNDR, TAO, etc., and many more have triggered a massive rise that has uplifted the entire crypto space. Unfortunately, the volume has been slashed by more than 60% in the past few months, which has compelled these tokens to trade within a narrow range. In times when the Bitcoin price is gaining some strength, here is what to expect from these tokens in the next few days.
Near Protocol (NEAR)
The NEAR price marked year-highs above $8 in March and held the levels for over a couple of months. However, the bulls failed to hold above the gains, triggering a huge pullback by above 50%
The pullback dragged the levels below the pivotal support zone, which has kept the rally consolidated below the range
While the trade set-up remains bearish, the technicals indicate the possibility of a breakout as the RSI remains elevated
Besides, the +Di and -Di levels are approaching each other for a bullish crossover, validating a flip from the bearish influence
Hence, with the recent reversal, the Near Protocol price is believed to maintain an ascending consolidation and rise above the resistance zone between $4.342 and $4.476.
Injective (INJ)
The INJ price has been trading within a falling wedge since the start of the year, soon after the token marked a new ATH above $51
The price triggered a rebound from the descending trend line, reached the resistance zone between $18.06 and $18.79 and remains stuck within the range
Besides, the price, which is stuck within a bearish range, is expected to initiate a fresh upswing and hit the upper resistance above $20 anytime from now
The OBV, the trend indicator based on volume, is about to reach the lower threshold, suggesting the trend may flip very soon
Therefore, the INJ price may either breach above the resistance after hitting $20 or else may face a pullback and hit the lower support. This may attract massive volume, elevating the levels beyond $28
Render (RENDER)
The RENDER price has faced acute bearish action ever since the token marked the highs in the last few days of Q1
The token is forming consecutive lower highs and lows, indicating the growing strength of the bears as the selling volume escalates
Besides, the Bollinger bands have squeezed extensively, which suggests a huge drop in volume and volatility
However, the RSI remains consolidated within the lower range, which suggests the price may remain stuck within a range for a while
As the volume is experiencing excessive squeeze, a breakout could be mandatory in the direction of the volume induced, which may be more likely to be bullish, raising over $6