AI Tokens Face Heavy Declines Amid Slumping Market

• Render, NEAR, FET approaching oversold territory, indicating potential recovery or further drops.
• Bearish sentiment triggers market decline; AI tokens struggle with low liquidity.

The cryptocurrency market has been under significant pressure, with bearish sentiment leading to a 1.03% drop in overall market capitalization. Bitcoin, the leading cryptocurrency, experienced a 2% decline, while Ethereum, the top altcoin, fell by 1.8%.

Despite the broader market downturn, the AI sector has garnered attention recently, with tokens in this space hitting new lows. Moreover, these tokens have struggled to sustain buying volume, resulting in liquidity shifting to other assets.

Near Protocol (NEAR)

NEAR witnessed a 5% decrease in the past 24 hours, currently trading at $4.20. Despite this downturn, trading volume decreased by 14%. NEAR hit a seven-day low of $4.12, fluctuating between $4.14 and $4.54 today. Over the past month, NEAR has seen a 19% decline. The 9-day Exponential Moving Average (EMA) stands at $4.40, while the daily Relative Strength Index (RSI) is nearing oversold territory at 45. Analysts suggest that if bullish momentum resumes, NEAR could reach $5.00, but continued bearish pressure might push it down to $3.99.

Render (RENDER)

Render experienced a 9% decline in the last 24 hours, currently trading at $5.20. Despite the drop, trading volume decreased by 38%. RENDER reached an eight-day low of $5.14, with trading ranging between $5.16 and $5.80 today. Over the past month, Render has declined by 16%. The 9-day EMA is at $5.45, and the daily RSI is nearing oversold conditions at 47. Analysts suggest that if bullish momentum persists, RENDER could rise to $6.23, while a bearish scenario might see it drop to $4.80.

Artificial Superintelligence Alliance (FET)

FET saw a 10% decline in the past 24 hours, currently trading at $1.11, with a 9.7% decline and a 34% decrease in trading volume. It hit an eight-day low of $1.10, fluctuating between $1.10 and $1.24 today. Over the past month, FET has declined by 6%. The 9-day EMA is at $1.15, and the daily RSI is at 46, indicating it is nearing oversold conditions. Bulls might push it to $2.17, while bears could drive it down to $1.30.

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