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- A highly bullish market condition could send NEAR toward $10 in JUNE.
- While RNDR might drop below the $9.83 support, GRT could rally to $0.50.
- INJ could move toward $35 while TAO might revisit $490.
With the second quarter of the year entering its last month, market participants might be wondering if AI-themed tokens would perform well. This is because some of the top AI coins that gave a good show in March had shed a chunk of their gains this month.
Examples of tokens in this segment are Bittensor (TAO) and Injective (INJ). TAO’s price was $425.34 at press time, representing a 29.71% decrease in the last 90 days. For INJ, it has been a year of steady decline. On a Year-To-Date (YTD) basis, INJ’s price has decreased by 37.37%.
However, NEAR, Render (RNDR), and The Graph (GRT) have shown recovery signs within the last 30 days. For instance, GRT’s value increased by 15.45%, NEAR rose by 6.13% while RNDR registered a 19.66% hike in the same period. Here’s an analysis of how these tokens might perform in June.
NEAR Protocol (NEAR)
At press time, the price of NEAR was $7.84. This was a decline from the upswing recorded on May 26. Furthermore, the consistent red candlesticks indicated that selling pressure around the token was high.
However, the 4-hour chart showed that NEAR might soon rebound. This was because the Relative Strength Index (RSI) had turned upwards and was poised to break through the neutral point. If bulls succeed with this move, NEAR’s price might hit $8.50 for a start.
Also, the On Balance Volume (OBV) may play a role in this run. If the OBV reading increases, it would be a sign of increased buying pressure, and this could send NEAR above $10 in June.
NEAR/USD 4-Hour Chart (Source: TradingView)
Render (RNDR)
On the 4-hour chart, RNDR showed signs of seller exhaustion. However, indications from the Exponential Moving Average (EMA) showed that the token might not break out soon. At press time, the 20 EMA (blue) had slipped below the 50 EMA (yellow), indicating a bearish trend for the token.
If this trend persists, RNDR might lose the $9.83 support. But in a highly bullish scenario, the price of the token could rise toward the $11.54 resistance before the end of June.
RNDR/USD 4-Hour Chart (Source: TradingView)
The Graph (GRT)
Between May 22 and the time of writing, GRT’s price fell from $0.35 to $0.31. According to the chart below, this was a sign that bears had overpowered the dominance of bulls. This was also evident in the Moving Average Convergence Divergence (MACD).
As of this writing, the MACD was negative. This indicated that GRT’s momentum had become bearish and a further decline could be in the works.
The reading of the Awesome Oscillator also confirmed the bias. As such GRT could be looking at falling to $0.26 in June. However, if things change for the better, the token’s price might rally toward $0.50.
GRT/USD 4-Hour Chart (Source: TradingView)
Bittensor (TAO)
TAO’s movement hinges on how well bulls can halt the decline. At press time, the price of the token was $432.67— far off the highs it hit in March. However, indications from the Fibonacci indicator suggest that TAO could recover.
A look at the indicator showed that support at $430.64 (the 0.618 Fib level) could send TAO rising as high as $490 (the 2.618 Fib level). However, traders might need to watch out particularly as the RSI reading was only about to crossover the midpoint.
If the indicator does cross, TAO’s upward run could be validated. If not, the price of the token could drop to $400.
TAO/USD 4-Hour Chart (Source: TradingView)
Injective (INJ)
At press time, INJ’s price was $25.19. However, there was a sell signal shown by the Supertrend at $28.20. If the token moves toward that region, it could get rejected.
INJ/USD 4-Hour Chart (Source: TradingView)
However, the Money Flow Index (MFI) was close to the oversold region of 20.00. If the reading declines toward this point, INJ’s price might rebound. If this occurs, INJ might rally in June and target prices between $35 and $50.
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