fxstreet.com
- Bittensor jumped 6% on Tuesday, inching closer to a key trendline resistance breakout.
- Near Protocol bounces off the 100-day EMA, targeting the $3 mark.
- Internet Computer gained 4% on Tuesday with the launch of CaffeineAI early access, surpassing a crucial resistance trendline.
Artificial Intelligence (AI) tokens such as Bittensor ($TAO), Near Protocol ($NEAR), and Internet Computer ($ICP) surged on Tuesday with Trump’s energy and AI innovation push. The investment pledges were made by American tech giants, including Google and Meta, as part of Donald Trump’s announcement of $90 billion in energy and AI investments in Pennsylvania.
According to Reuters, Google has struck a $3 billion deal to purchase hydroelectricity from facilities in Pennsylvania alongside a $25 billion pledge in data centers over the next two years. On a similar note, Mark Zuckerberg, CEO of Meta, announced plans to spend hundreds of billions to boost multiple AI data centers.
Furthermore, the launch of CaffeineAI's early access, designed as a self-writing app platform on the Internet Computer, could mainstream the creation of Web3 applications with no coding skills required. $ICP eyes extended gains as it surpasses a crucial resistance trendline, with the release of early access.
Bittensor's bullish run hits a long-standing trendline resistance.
Bittensor edges lower by nearly 1% at press time on Wednesday from an eight-month resistance trendline formed by connecting the December 10 and May 22 peaks. The reversal run in $TAO, following its breach of the $300 mark in June, displays a significant rise in buying pressure.
A decisive daily close above the trendline at $440 could extend the uptrend towards the 50% Fibonacci retracement level at $458, drawn from the $748 on December 6 to the $167 on April 7.
The close trending of the 50-, 100-, and 200-day Exponential Moving Averages (EMAs) signals an uptick, with a potential golden cross on the horizon.
The Moving Average Convergence/Divergence (MACD) and its signal line crosses above the zero line, accompanied by rising green histogram bars, indicating an increase in bullish momentum.
$TAO/$USDT daily price chart.
On the downside, a bearish close to the day could extend the declining trend in $TAO to the 200-day EMA at $371.
Near Protocol bounces off 100-day EMA, targets $6.23
$NEAR ticks lower by over 1% so far on Wednesday after three consecutive bullish days. The AI token holds above the 100-day EMA at $2.55 after breaking a resistance trendline connected by December 6 and May 10 peaks.
A bounce back later in the day, extending the uptrend, could target the 200-day EMA at $3.04.
The uptrend in the MACD and signal lines crosses above the zero line, signaling a trend reversal that aligns with the trendline breakout. Sidelined investors could consider a reversal in the MACD line below its signal line as a short-term sell signal.
$NEAR/$USDT daily price chart.
If $NEAR falls below the 100-day EMA at $2.55, it could extend the declining trend to the 50-day EMA at $2.37.
CaffeineAI’s launch fuels $ICP trendline breakout
$ICP jumped over 4% on Tuesday with the release of CaffeineAI’s early access, surpassing a key resistance trendline formed by connecting the December 6 and May 10 peaks.
The altcoin could target the 200-day EMA at $6.23 as it holds above the 100-day EMA at $5.41.
The MACD indicator reflects the surge in bullish momentum, as seen in other AI tokens, with the uptrend indicated by the green histogram bars.
$ICP/$USDT daily price chart.
On the other hand, a reversal under the resistance trendline, which is moving along the 100-day EMA at $5.41, would invalidate the breakout. In such a case, $ICP could extend the declining trend towards the 50-day EMA at $5.17.