Trusted

Top 3 Artificial Intelligence (AI) Coins of the First Week of September 2024

2 mins
Updated by Daria Krasnova
Join our Trading Community on Telegram

In Brief

  • Covalent X Token (CXT) rose 30%, but selling pressure may drop its price from $0.069 to $0.060 if demand fades.
  • Dojo Protocol (DOAI) saw a 22% surge, heading toward $0.035 if accumulation continues; profit-taking could lower it.
  • VectoSpace AI (VXV) rebounded to $0.38, with potential gains to $0.43 if bullish momentum sustains through the RSI.
  • promo

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

Covalent X Token 4-Hour Analysis.
Covalent X Token 4-Hour Analysis. Source: TradingView

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.

DOAI 4-Hour Analysis.
DOAI 4-Hour Analysis. Source: TradingView

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.

VXV is currently trading at $0.38, and the Relative Strength Index (RSI) recently approached the neutral point. If the RSI had dropped below this level, VXV’s price might have followed suit. However, the bounce off the RSI midpoint suggests the potential for further gains.

Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024

VXV 4-Hour Analysis.
VXV 4-Hour Analysis. Source: TradingView

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.

Top crypto projects in the US | October 2024
Exodus Exodus Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Exodus Exodus Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

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 ConditionsPrivacy Policy, and Disclaimers have been updated.

IMG_3173.jpg
Victor Olanrewaju
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto...
READ FULL BIO
Sponsored
Sponsored