Top 3 AI Tokens That Have the Potential to Outperform the Market This Year

Amid increased price volatility in the cryptocurrency market, the Artificial Intelligence (AI) category has regained momentum over the past day.

Artificial Intelligence (AI) has become a buzzword in the cryptocurrency industry. Several tokens related to AI have shown impressive performance in recent times. As the hype around AI continues to grow in the crypto space, investors are keeping a close watch on the top AI tokens, especially those that have the potential to outperform the leading tokens this year.

In this article, we will be covering the top 3 AI tokens that investors should keep an eye on. These tokens are selected based on their recent price movements, technical analysis, and overall market performance.

Top 3 AI Tokens To Watch Closely For 2024

1. Bittensor (TAO)

The TAO price has shown a remarkable surge of 14.76% in the past day, with a significant trading volume of around $209.82 million. Notably, the token has also seen an impressive rally over the past month, surging by approximately 129.15%. Moreover, since the beginning of the year, TAO has generated substantial gains of around 116%.

With a market capitalization of approximately $4.27 billion, the Bittensor coin ranks 23rd among the leading cryptocurrencies globally. This positioning highlights the token's strong presence and performance within the crypto market.

A closer look at the technical indicators reveals an interesting trend. The Moving Average Convergence Divergence (MACD) is displaying an increasing green histogram, while its averages are also converging bullishly. This indication suggests a positive outlook for the Bittensor coin price over the coming week.

If the bullish sentiment continues to intensify, we can expect the TAO price to prepare for testing its resistance level, which is situated around $671 this month.

On the other hand, if a bearish reversal occurs, the AI token might experience a drop toward its crucial support level, which currently stands at $547 for the upcoming period.

2. Render (RENDER)

The RENDER token has also shown promising movements. Despite recording a decrease of 15.64% over the past week, the token has managed to gain 6.38% over the past day, with a substantial trading volume of around $315.27 million.

Adding to its gains, Render has also shown an increase of 15.76% in its valuation over the past month. Notably, the token has generated impressive YTD returns of approximately 19.35%.

Examining the technical indicators, we can observe that the Relative Strength Index (RSI) continues to hover close to its neutral point on the 1D time frame. At the same time, its average trendline is seen remaining above the halfway mark. This indication suggests that we might expect further gains in the Render price.

Now, suppose the crypto market regains momentum, in that case, the RENDER coin price will prepare to retest its resistance level of $7.18 this month. On the contrary, if the bulls lose momentum, the AI token could plunge toward its crucial support level of $3.65.

Concerned about your Render holdings? Read our Render Price Prediction for potential price targets!

3. Phoenix (PHB)

Amid increased uncertainty, the PHB price has shown a notable addition of ~10% to its portfolio in the past day, with a trading volume of around $15.33 million. Adding to its recent gains, the token has also soared by approximately 57.86% during the past month, and for the year-to-date (YTD) period, PHB has generated gains of around 68.81%.

With a market capitalization of approximately $95.53 million, the Phoenix coin ranks 369th among the leading cryptocurrencies in the world. This positioning showcases the token's presence and performance within the crypto market.

A closer look at the technical indicators reveals an interesting trend. The EMA 50/200-day records increased bullishness and display a high possibility of a Golden Cross in the 1D time frame. Moreover, the MACD indicator shows a constant green histogram with its averages experiencing a constant uptrend in the Phoenix price chart.

Maintaining the price above its support level of $1.67 could result in it heading toward its resistance level of $2.18 in the coming time. On the contrary, if the bears overpowered the bulls, the PHB price could retest its low of $1.140.

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