Price volatility in the crypto market is on the rise again, with top tokens seeing significant price movement in their valuation within a short period of time. Moreover, altcoin market leader Ethereum continues to trade at around $2.65,000 since last week.
On the other hand, the AI category has regained momentum and has seen a steady increase in the respective portfolios in the last few days. With the price fluctuations increasing, is this the right time to invest in altcoins?
Let’s take a quick look at the market sentiment, price analysis, and possible short-lived price predictions of the two major artificial intelligences (AI) for this month.
Price development of the Artificial Superintelligence Alliance (FET)
With a 5.34% jump in the past week, the price of Artificial Superintelligence Alliance has grabbed the 32nd spot in the global crypto list with a market capitalization of $2.230 billion. Moreover, it has gained 2.89% in the past day with a trading volume of $104.49 million.
The Relative Strength Index (RSI) is showing a consistent increase in the FET price chart, indicating weak price action for the altcoin in the crypto market. Moreover, the average trend line is showing a flat line, indicating uncertainty in future price predictions.
If the market pushes the FET price above its resistance level of $1,050, the bulls will prepare to test its overhead level of $1,650. On the other hand, a bearish reversal could pull the altcoin towards its crucial support level of $0.50 this month.
Near Protocol (NEAR) Price Action
Amid increasing price movements in the cryptocurrency sector, Near Protocol’s price has increased by about 3% in the past day with a trading volume change of +31.85% to $234.83 million. Despite bearish trends in recent weeks, it has posted a YTD return of over 10%.
The MACD technical indicator has recorded a rising green histogram with the averages showing a positive crossover, indicating an increasingly bullish sentiment in the market. However, the 50/200-day EMA is showing a death cross, indicating a mixed sentiment.
Assuming the bulls continue to trade under positive influence, in this case, the NEAR price will head towards its resistance level of $4.925 in the coming weeks. On the other hand, if the bears regain control, this AI could retest its low of $3.70.
