As the third week of September 2024 comes to an end, a number of Artificial Intelligence (AI) coins are capturing attention with impressive price performance and growing investor interest.
In this analysis, BeInCrypto spotlights the top three AI coins leading the pack, exploring the factors driving their surge and what to expect in the weeks ahead.
Turbo (TURBO)
Many crypto investors see Turbo as just another meme coin, but it’s more than that. The creators describe it as “a meme coin made by AI for the people.”
Originally, TURBO was developed without any utility, but the founder’s successful experiment with GPT-4 turned it into one of the popular AI coins. This week, its price surged by 77.19%.
The sharp rise in price is likely tied to TURBO’s recent Binance listing, which caused a sudden boost. Before the listing, the coin was priced at $0.0037. At the time of writing, it has climbed to $0.0063.
The daily chart shows that the Relative Strength Index (RSI) indicates TURBO is overbought, with a reading of 75.64. The RSI measures market momentum, and readings above 70 suggest overbought conditions, while readings below 30 indicate an asset is oversold.
Despite this, the Bull Bear Power (BBP) shows that buyers are still active, as indicated by rising green bars. If the buying pressure continues, TURBO’s price could reach $0.0079 by the weekend. However, if holders start taking profits, the price could drop to $0.0053.
Bittensor (TAO)
For the umpteenth time, TAO is one of the top AI coins that performed well this week. At $415.38, TAO’s price has increased by 50% since September 17. Beyond that, on-chain data from Santiment shows that the Open Interest (OI) around the cryptocurrency reached its all-time high.
This milestone indicates a surge in speculation activity around the token and more liquidity for related contracts. Historically, an increase in OI brings about a price rise. Therefore, there is a high chance that TAO’s market value might keep climbing.
Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024
Based on the daily chart, the Awesome Oscillator (AO), an indicator used to measure market momentum, shows rising histogram bars. This indicates bullish momentum around the Bittensor token.
The Moving Average Convergence Divergence (MACD) also appears to reflect the same. Besides that, TAO seems to have strong support at $275. As such, a significant pullback might be unlikely. In the short term, TAO’s price could be closer to $500.
Meanwhile, on X (formerly Twitter), the Bittensor project has the support of several crypto investors. For example, Daniel Cheung, co-founder of crypto investment firm Syncracy Capital, mentioned that TAO is “the premier Layer-1 token.”
“The gap between what people think Bittensor is and what it actually is has never been wider. If you haven’t dug into TAO in the last 6 months, now’s the time to update your priors. The premier AI L1 is coming to life,” Cheung said.
Barry Silbert, co-founder of Grayscale’s parental Digital Currency Group, agreed with Cheung’s opinion. In terms of price, the token might retrace if buying pressure reduces. In the scenario, TAO might drop below $340.
PAAL AI (PAAL)
PAAL AI leverages artificial intelligence with machine learning to enhance decision-making for crypto investors. As one of the prominent AI coins making waves this cycle, PAAL’s price increased by 35% this week.
Currently trading at $0.21, the daily chart revealed that PAAL faces resistance around $0.22. Furthermore, the Chaikin Money Flow’s (CMF) current position indicates that the AI coin could struggle to trade higher.
Read More: How Will Artificial Intelligence (AI) Transform Crypto?
The CMF reading hasn’t crossed the signal line yet, indicating that buying pressure is weakening. If this trend continues, PAAL’s price could fall to $0.17. However, if buying power picks up, a rebound could occur, potentially pushing PAAL’s price to $0.26.
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.
