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- Covalent X Token (CXT) is up 30%, but if demand weakens, selling pressure could drop its price from $0.069 to $0.060.
- Dojo Protocol (DOAI) is up 22% and could rise to $0.035 if accumulation continues; however, if there is profit-taking, the price could fall.
- VectoSpace AI (VXV) rebounded to $0.38 and if the bullish momentum is sustained through the RSI, the price could move to $0.43.
Artificial Intelligence (AI) cryptocurrencies performed well in late August. However, the first week of September 2024 was challenging, with most AI coins experiencing significant declines.
Despite the market correction, a handful of AI cryptocurrencies have seen price gains this week. The top three performers are Covalent X Token (CXT), Dojo Protocol (DOAI), and Vectospace AI (VXV).
Covalent X Token (CXT)
CXT is the native token of the Covalent ecosystem, which supports a decentralized AI-based blockchain infrastructure that enables settlement and data access across multiple networks. Between September 3 and 6, the price of CXT surged 30%.
The rise started when the 20-day exponential moving average (EMA) crossed above the 50-day EMA, forming a bullish pattern known as a golden cross. Within a few days, CXT reached $0.072.
However, its price later retreated slightly to $0.069. Moreover, the Money Flow Index (MFI) showed a downward trend, indicating that selling volume outweighed buying pressure.
Covalent X Token 4-hour analysis. Source: TradingView
If this continues, the price of CXT could drop to $0.060. However, this prediction will be invalidated if buying pressure resumes or the AI cryptocurrency gains momentum like it did in August. In this case, CXT could retest $0.072.
Dojo Protocol (DOAI)
Dojo Protocol is a blockchain designed for AI data monetization, and its native token, DOAI, helps make this possible. DOAI’s price initially surged following NVIDIA’s recent report on AI-influenced cryptocurrencies, peaking at $0.034 three days later.
After that, the price plummeted to $0.025. However, this week the AI coin has seen another surge in price, with a 22% gain pushing it to $0.33. Unlike CXT, the 4-hour DOAI/USDT chart suggests that prices could continue to move higher.
One of the reasons is that the Chaikin Money Flow (CMF) technical indicator shows that accumulation is greater than distribution. As can be seen in the chart below, the CMF readings are increasing, indicating that DOAI is still in bullish control.
DOAI 4-hour analysis. Source: TradingView
If this continues, the price is expected to break through $0.035. However, profit taking may neutralize this bias. If DOAI holders take some profits, the price may fall to $0.030.
Vectospace AI (VXV)
Vectospace AI’s native cryptocurrency VXV ranked third. The blockchain project provides datasets using patented natural language processing (NLP). VXV has been trading sideways for most of the time, but has recently seen a significant price increase.
VXV is currently trading at $0.38 and the Relative Strength Index (RSI) has recently approached the neutral point. If the RSI breaks below this level, a drop in the price of VXV may follow. However, a rebound from the RSI midpoint suggests potential further gains.
VXV 4-hour analysis. Source: TradingView
If the bullish momentum continues, the price of VXV could rise to $0.43. Conversely, if the RSI declines, the coin’s price could fall back to around $0.34.
