AI Index Bouncing Over a Key Support Level: Here are the Tokens to Monitor This Month

The post AI Index Bouncing Over a Key Support Level: Here are the Tokens to Monitor This Month appeared first on Coinpedia Fintech News

The crypto markets have become volatile after the bulls and bears are exerting enough pressure at frequent intervals. While some of them have demonstrated quick moves, the popular ones seem to be waiting for the required bullish volume to enter. In the meantime, the AI space has gathered huge traders’ attention and is believed to revive a fine ascending trend, which could begin another bullish spell shortly. 

Ever since the markets bounced in the first few days of the year, the AI space has gained huge attention. Specifically, tokens like Injective, Render, The Graph, and a few others have approached the lower crucial support, which is expected to trigger a fine rebound back towards the upper resistance. One of the popular analysts, Crypto Rand, shared one interesting chart, which suggests the AI Index is bouncing over the key support. 

The analyst here considered an index of popular AI tokens combined, like INJ, GRT, RENDER, FET, AIOZ, AGIX, OCEAN, and AKT. The RSI is heading towards the oversold levels and reached the same range that it traded at the beginning of the month, before the massive pump. Previously, it bounced over 55% after rebounding from the lows and hence a similar price action is believed to repeat in a short while from now. 

Historically, September has not been largely in favour of the bulls, as the popular ones like Bitcoin, Ethereum, and others face significant losses. However, the current trade setup displays they may record yet another bearish month, while the AI-tokens are expected to set up a fine upswing hereafter. INJ, RENDER, FET, etc. prices have been displaying notable strength and hence a rebound may cause these tokens to reclaim August highs at once, followed by a bullish continuation towards yearly highs.