As the second week of October comes to a close, sentiment in the cryptocurrency market is improving, with artificial intelligence coins leading the price rallies. Several AI-focused tokens have seen significant gains and increased investor interest.
In this analysis, BeInCrypto examines three AI coins that have experienced notable growth this week.
Zero1 Labs (DEAI)
DEAI powers Zero1 Labs, a decentralized AI ecosystem focused on data governance. It currently trades at $0.54, noting a 45% price surge over the past week. The AI coin continues to enjoy significant bullish bias, reflected by its positive Elder-Ray Index. As of this writing, this stands at 0.19.
The Elder-Ray Index measures the strength of buyers (bulls) and sellers (bears) in the market. When its value is positive, it generally means that buyers are stronger than sellers, indicating a bullish market sentiment.
Furthermore, the position of the dots that make up DEAI’s Parabolic Stop and Reverse (SAR) indicator confirms the bullish outlook. At the press time, these dots rest below DEAI’s price, indicating that the asset is in an uptrend and further price gains are likely.
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If the uptrend continues, DEAI’s price will climb to $0.83, a high it last saw in May. However, if it witnesses a spike in selling pressure, DEAI’s price may plummet to $0.25.
Turbo (TURBO)
Described as the first-ever meme coin created by AI, TURBO has risen by 25% in the past week. Its performance assessed on a one-day chart shows its price resting on an ascending trendline, confirming the uptick.
At press time, the AI coin’s Balance of Power (BoP), which measures the strength of buyers versus sellers in the market, shows that buying pressure is significant. TURBO’s BoP is positive at 0.21, suggesting that buyers are in control and pushing the price higher.
If this trend continues, TURBO’s price may breach resistance at $0.0082 and target its four-month high of $0.0098. However, if buying pressure drops, it will break below its ascending line and trend toward $0.002.
AIT Protocol (AIT)
AIT, the native token of the AIT Protocol — a platform that focuses on creating a transparent ecosystem where AI models can be trained, shared, and monetized — has seen its value climb by 10% over the past seven days. At press time, this AI-based token trades at $0.11.
Over the past week, its double-digit spike has pushed its price above its 20-day exponential moving average (EMA), which measures its average closing price over the past 20 days. An asset’s price being above the 20-day EMA indicates that the asset is experiencing upward momentum.
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Traders view this as a sign of a short- to medium-term uptrend. If AIT maintains it, the altcoin’s price may climb by 74% to trade at $0.19.
The post Top 3 Artificial Intelligence (AI) Coins of the Second Week of October 2024 appeared first on BeInCrypto.
