The post AI cryptos on the move: Should RNDR, GRT and INJ top your list? appeared on BitcoinEthereumNews.com.

On-chain metrics were used to analyze the state of three AI coins. RNDR had a slightly more bullish price action in the past month. AI cryptos are a promising sector in the crypto ecosystem. The rise of AI through tools such as ChatGPT, Fireflies, Midjourney, SaneBox, and a dozen others aids the automation of everyday tasks at the workplace or with innovation. Combined with the relatively nascent nature of the AI sector of crypto, it has got denizens wondering if this is the niche to find the next gem. The top five coins in the AI sector, according to CoinMarketCap, have a combined market capitalization of $21.2 billion. By comparison, the market cap of Dogecoin, the foremost among memecoins, stands at $22.18 billion at press time. AMBCrypto decided to analyze the on-chain metrics of three of the top five AI cryptos, namely Render [RNDR], The Graph [GRT], and Injective [INJ] to understand holder sentiment and user engagement. The big question is – Which of these AI coins has the most bullish outlook in the long term? An introduction to the trio In the past seven days, Bitcoin [BTC] has gained 8.9%. RNDR has lost 4.9% at press time, while GRT and INJ have rallied 13.9% and 18.1% respectively. This is important because when the market has conviction in an altcoin, it generally has outsized gains compared to Bitcoin. This does not completely capture the price trends of the three coins in the 1-day timeframe. From a technical analysis perspective, INJ was the weakest among them. Both INJ and GRT have a bearish market structure on the 1-day chart. Meanwhile, RNDR formed a short-term range below the $11.3 resistance level. Coming to what the tokens aim to do, Render Network is peer-to-peer and utilizes the blockchain to distribute GPU rendering power.…

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Filed under: News - @ May 21, 2024 4:20 pm