• The top four AI tokens (by market cap) have dropped an average of 10.5% over the past seven days.
• GRT price has formed a bullish pattern with a target of over 317%.
• Bulls are aggressively defending the 20-day EMA support to avoid further losses.
AI Coins Struggle Against Bears
The top four artificial intelligence (AI) coins have been bleeding over the past seven days, following the wider market trend. Bitcoin (BTC) price dropped below $30,500, while most of the other top 20 crypto tokens also registered only minor gains. Despite some minor gains by bulls, AI tokens have largely struggled to cope against bearish pressure in recent weeks.
GRT Price Forms Bull Flag Pattern
Decentralized data storage platform The Graph Protocol’s native token GRT has formed a bullish pattern called the ‘Bull Flag Pattern’. Bull flags consist of a flag pole resulting from near-vertical rise in prices, followed by a period of consolidation forming the flag part of the pattern. Traders estimate that if GRT confirms this pattern it might rally 317% to reach $0.475.
GRT Bulls Fight To Hold Support
Despite dropping 6.5% on July 10 and forming a daily low near $0.10986, bulls recovered some of the day’s losses and aggressively defended the 20-day EMA support level to avoid further losses for GRT token price. Long upper wicks on daily candles underscore bearish pressure against GRT token but so far bulls have managed to hold their ground at EMA support level.
Bitcoin ETF Approval Could Help AI Tokens
Jay Clayton, former chairman of US Securities and Exchange Commission stated that his regulatory body should approve a Bitcoin ETF which could potentially be beneficial for AI tokens as well since institutions are putting their names and reputations behind bitcoin according to him . This could mean more institutional participation in cryptocurrency markets which could be beneficial for AI tokens as well as other digital assets in this space .
Conclusion
AI coins have been struggling against bears lately but bulls seem determined not let them go down without fighting back . If SEC approves Bitcoin ETF then it could benefit these AI coins significantly . However , at present bears seem to be winning out but only time will tell if they can keep up their momentum or turn around .
