- The market cap of AI-powered cryptocurrencies surged to $37.55 billion, up 15 in a month, with contributions from NEAR, FET, and ICP.
- NEAR Protocol nears a potential breakout at $3 with strong technical indicators and rising TVL, while FET continues its upward trajectory, gaining 21% in May.
Adoption of AI-powered cryptocurrencies is on the rise again as the market gains value this month. Over the last 30 days, AI crypto valuation has risen 15%, lifting the current market cap to $37.55 billion and adding nearly $6 billion to the market. Recently, meme coins and DeFi have played a major role in the rise of crypto, but AI tokens may be the ones to watch in the upcoming weeks.
NEAR Price Set For Breakout
Near Protocol (NEAR) is now a major player in the world of AI tokens. During May, the token has appreciated around 13% and is now worth $2.92, very close to the $3 mark. A potential inverse Head and Shoulders formation is taking shape on the daily chart, and $3 is where it will form. A surge above this point might launch a rise to $3.50, which was previously held by solid resistance in February.
Technical indicators also support this positive view. A bullish crossover of the Moving Average Convergence Divergence (MACD) indicator is coming soon, which hints that the current trend could shift. At the same time, Near Protocol’s TVL is rising, reaching $175.2 million today after starting at $124 million a few days earlier on April 9, according to DeFiLlama.
The daily volumes on decentralized exchanges have stayed solid above $17 million for the last three days. However, if the NEAR price still fails to break out from the $3 level, it could drop to the support at $2.64 that formed on May 18.
FET Continues To Work Towards Reaching Its $1 Milestone
The Artificial SuperIntelligence Alliance (FET) token has gained 21% in the month of May and keeps building on the 62% increase it saw last month. As of writing, the FET price was $0.9012 with a continuing trend that shows it has formed higher lows each month since April.
FET recently surged above the 200-day EMA, which raises the odds of a bullish crossover between the 50-day and 100-day EMAs. Moreover, the MACD indicator shows that it is time to buy by crossing above its signal line.
Key resistance lies between $1.04 and $1.22, where around 710.6 million tokens are in circulation. Fibonacci retracement analysis of the steep fall from $2.13 in December to $0.37 in April places the 50% retracement level at $1.25, which aligns with the upper limit of this supply zone. Thus, if FET price breaks through $1, it could jump by another 25%.
According to IntoTheBlock’s data on investor positioning, 2,020 wallets acquired FET at prices from $0.93 to $1.02, making this price region the first barrier. On the other hand, 5,720 investors have $107.42 million in the $0.84-$0.93 “At the Money” range, proving that resistance is currently weak and supporting a bullish trend. Yet, if resistance is not broken, $0.82 could be the next support level to watch.
ICP Price Expects To Hit $6 As Positive Signals Flash
After four months of price decline, Internet Computer (ICP) increased by 8% in May. At press time, ICP traded at $5.54, nearing the $5.84 resistance level, and momentum analysis suggests it might go higher. MACD is about to cross above the signal line, and a reading of 55 on RSI shows increasing bullish strength.
As soon as ICP breaks above $6.08, the 23.6% retracement level of its fall from $15.22 to $4.58, it could mean more gains ahead. However, not hitting that mark could mean prices could fall to the weekly low of $5.01.
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