The cryptocurrency market is currently exhibiting positive price movements, reflecting increased buying pressure. While major altcoins are experiencing mixed sentiments with significant fluctuations, the top Artificial Intelligence (AI) tokens have shown a bullish trend after a period of bearish trading. This signals a potential bullish rebound for these tokens.
In this article, we delve into the market sentiments and price analysis of Render (RNDR), Akash Network (AKT), Injective (INJ), and Theta Network (THETA) along with their short-term price targets.
Render (RNDR):
Render (RNDR) has seen a positive price action, with a 1.83% increase in the last 24 hours and a 2.29% rise over the past seven days. It currently holds the 27th position in the global crypto market with a market cap of $4.104 billion. The Simple Moving Average (SMA) indicates bullish convergence on the 1-day timeframe, suggesting a growing bullish sentiment. However, the Relative Strength Index (RSI) is approaching its mid-point, leading to uncertainty in future price movements. If bulls regain control, RNDR's price may test the $11.760 resistance level, while bearish pressure could push it down to $9.450.
Injective (INJ):
Injective (INJ) has recorded a 1.46% increase in the last day and approximately 5% over the past week. The token has added 3% in the last 30 days, indicating growing bullish sentiment. The RSI remains close to neutrality, pointing to weak price action. In case of a bullish scenario, INJ may break its significant resistance level and target $36.35, while bearish momentum could drive it towards $23.36.
Akash Network (AKT):
After a bullish start, Akash Network (AKT) has been trading within a range of $4.237 and $6.208, suggesting weak buying pressure. However, a successful retest of the lower support indicates a potential bullish reversal. The Moving Average Convergence Divergence (MACD) displays a declining red histogram, signaling increased buying pressure. Holding above $4.237 could lead AKT towards $6.208, with a possibility of downside towards $3.212 in case of bearish dominance.
Theta Network (THETA):
Theta Network (THETA) holds the 54th position with a trading price of $2.202, a market cap of $2.238 billion, and a circulating supply of 1 billion THETA tokens. The MACD shows a flatline, suggesting decreased price action, but there is potential for a bullish convergence. A bullish scenario could see THETA testing $3, while bearish pressure might push the price down to $1.975.
