Artificial Intelligence (AI) coins have notched notable jumps following reports that OpenAI wants to raise a new $6.5 billion in equity financing. In the last 24 hours, the price of Artificial Superintelligence Alliance (FET) has increased by 10%.
NEAR Protocol (NEAR) is also not left out, as its price climbed nearly 6%. Will this development bring about a consistent upward trend?
FET Breaks $1.40 Barrier
According to Bloomberg, OpenAI is raising $6.5 billion from investors to cement its place as one of the most valuable startups globally. The report also states that the firm, which is the brain behind the popular AI product ChatGPT, will reach a market valuation of $150 billion if it successfully closes the funding round.
“The funding round is slated to be led by Thrive Capital. Microsoft Corp., the company’s largest investor, is also set to participate, and Apple Inc. and Nvidia Corp, have been in talks about investing,” the report disclosed.
Following the development, AI coins, including FET, NEAR, and Render (RNDR), among others, registered price increases. For example, FET’s price was $1.28 on September 11. Today, the altcoin is trading at $1.42.
On September 7, FET’s price was on the verge of sliding below $1. However, bulls ensured that the price did not fall below $1.60 after Apple unveiled AI features on the new iPhone 16. On the daily chart, the Bull Bear Power (BBP) shows that bulls are still in control.
Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024
Negative readings of the BBP indicate selling strength and bearish dominance. However, since the indicator has clear green bars above the signal line, FET’s price might continue to increase, with a potential target close to $1.85. If bears take the lead, the AI coin might face a price decline, and FET might fall to $1.01.
NEAR Protocol Eyes $4.80
NEAR’s technical set is similar to FET’s, as the upswing began around the same period. Currently, the altcoin is trading at $4.15. Before that, NEAR lost nearly 30% of its value as it dropped from $5.50 to $3.50.
A closer look at the daily NEAR/USD chart shows that the AI coin became oversold due to the earlier drawdown. This was according to the Money Flow Index (MFI), which tracks the rate of capital entering and flowing out of a cryptocurrency.
rises above 80.00, an asset is considered overbought, while a reading below 20.00 signals it is oversold. Currently, the indicator’s rating has moved up from the oversold region, indicating more liquidity is flowing into it.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
The Relative Strength Index (RSI), which measures momentum, also supports it as it crosses above the signal line. Should these two indicators continue to rise, NEAR’s price could climb to $4.80.
However, bearish pressure may cause the momentum to stall. In that case, NEAR’s price could retrace to $3.75.
Disclaimer
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