AI tokens are making a comeback thanks to the recovery of the altcoin market and Perplexity's $34.5 billion bet on Google Chrome on Tuesday. Bittensor (TAO), Near Protocol (NEAR), and Render (RNDR) are leading the gains among top AI tokens, supported by optimistic technical outlooks suggesting the potential for continued price increases.
Perplexity made this shocking proposal to Google, as the U.S. Department of Justice (DOJ) pursues a lawsuit related to allegations of Google Chrome's illegal monopoly in the search engine market. Amid the DOJ's request to divest the Chrome browser, Perplexity aims to gain market share and promote its AI-supported Comet browser.
Bittensor approaches a critical juncture at $400.
Bittensor (TAO) remained quietly on Wednesday, following an 8% increase the previous day. This AI token is holding at the 50% retracement level of $361, calculated from the peak of $712 on 8/12 to the bottom of $183 on 6/4.
The recovery momentum of TAO is still struggling to regain the $400 level, while bulls are targeting the 61.8% Fibonacci level at $424. A decisive close above this psychological level could prolong the recovery.
The MACD index maintains an upward trend after crossing above the signal line on Sunday and issuing a buy signal, suggesting stable bullish momentum supports the chance for upward movement.
The Relative Strength Index (RSI) on the daily chart is at 53, indicating that buying pressure remains above neutral.
In the near future, this AI token may retest the support level of $361 if selling pressure continues to dominate at $400.
Near Protocol targets a break above the 200-day EMA.
Near Protocol (NEAR) rose nearly 8% at the time of writing on Wednesday, after a 7% increase on Tuesday, extending its recovery from the 50-day EMA at $2.59. NEAR's recovery is targeting the 200-day EMA at $2.96 as an immediate resistance.
A decisive push above this moving average will help NEAR reclaim the $3 level, while also potentially extending the rally to test the 50% retracement level at $3.87, calculated from $8.24 on 6/12 to $1.82 on 9/4.
The clear upward trend is evidenced by momentum indicators, enhancing the recovery potential, as the RSI at 57 indicates increasing buying pressure and the MACD has crossed above the signal line.
Conversely, if it closes below the 50-day EMA at $2.59, NEAR could extend its downtrend towards the support level of $2.14. This level was last tested on 8/7.
Render may face resistance at a key trend line.
Render (RENDER) rebounded 8% on Tuesday and continued the upward trend with an additional 9% increase at the time of writing on Wednesday. RENDER's recovery is targeting the 200-day EMA at $4.3, moving close to the resistance trend line formed by connecting the closing levels of 1/21 and 5/10.
Investors may view a decisive close above the 200-day EMA as a buying opportunity, with a potential target at the 50% retracement level from the closing price on 6/12 of $10.47 and the closing price on 10/3 of $2.73, at $5.35.
Momentum indicators support the bullish outlook, similar to previous AI tokens, with the RSI at 57 and the MACD along with the signal line rising, indicating that bullish momentum is strengthening.
Conversely, if it reverses from the resistance trend line, the price could retest the 50-day EMA at $3.82.