Cryptocurrencies including Injective [INJ], Fetch.ai [FET], and Render [RNDR] gained 82.60%, 62.19%, and 68.38% respectively
There has been a surge in the attention given to AI tokens mainly because of the plethora of AI conferences billed to happen in November. What should traders expect?Over the last 30 days, tokens related to the Artificial Intelligence /Big Data economy have put an impressive performance, such that thegained 82.60%, 62.19%, and 68.38% respectively within this same period. Needless to say, Bitcoin’s dominance and the rise of some altcoins have been influential in the price increase of these tokens.
For instance, there is a Data+AI World Tour in Munich on 7 November. Another world tour has been fixed for 9 November in Paris, and a Machine Learning week fixed for Berlin a week later. For FET and RNDR, the scenarios may not be any different. However, the volume metric will be used to build the case for these tokens to start with. Market players may be familiar with FET because it has been around for a while.
Rising volume on rising prices is a sign of a continuous upward trend. But a drop in the volume, alongside a fall in price, signals a downward trend. The RSI reading was a result of the previous overbought level of 80.45 hit on 28 October. So, it was only expected that the indicator would drop and drive the token price down.