AI Tokens TAO, NEAR, ICP Skyrocket as Google & Meta Double Down on Crypto Bets

Silicon Valley's cash tsunami floods AI crypto projects—again. Three tokens are riding the hype wave as tech giants throw monopoly money at blockchain.

TAO, NEAR, ICP: The new AI trinity?

Google and Meta just pledged 'strategic investments' in decentralized AI infrastructure. Cue the token pumps—because nothing says 'web3 adoption' like old-money tech giants pretending to decentralize.

TAO's up 30% since the announcement, NEAR's flirting with its ATH, and ICP—yes, that ICP—somehow became a 'sleeper hit.' Never underestimate crypto's ability to resurrect dead projects when VCs need exit liquidity.

Bull case: Real AI-blockchain synergies emerge. Bear case: This is just the 2023 metaverse playbook with better buzzwords. Either way, grab popcorn—and maybe some tokens, if you enjoy gambling with house money.

Bittensor's bullish run hits a long-standing trendline resistance.

Bittensor edges lower by nearly 1% at press time on Wednesday from an eight-month resistance trendline formed by connecting the December 10 and May 22 peaks. The reversal run in TAO, following its breach of the $300 mark in June, displays a significant rise in buying pressure. 

A decisive daily close above the trendline at $440 could extend the uptrend towards the 50% Fibonacci retracement level at $458, drawn from the $748 on December 6 to the $167 on April 7. 

The close trending of the 50-, 100-, and 200-day Exponential Moving Averages (EMAs) signals an uptick, with a potential golden cross on the horizon. 

The Moving Average Convergence/Divergence (MACD) and its signal line crosses above the zero line, accompanied by rising green histogram bars, indicating an increase in bullish momentum. 

TAO/USDT daily price chart.

On the downside, a bearish close to the day could extend the declining trend in TAO to the 200-day EMA at $371.

Near Protocol bounces off 100-day EMA, targets $6.23

NEAR ticks lower by over 1% so far on Wednesday after three consecutive bullish days. The AI token holds above the 100-day EMA at $2.55 after breaking a resistance trendline connected by December 6 and May 10 peaks.

A bounce back later in the day, extending the uptrend, could target the 200-day EMA at $3.04. 

The uptrend in the MACD and signal lines crosses above the zero line, signaling a trend reversal that aligns with the trendline breakout. Sidelined investors could consider a reversal in the MACD line below its signal line as a short-term sell signal.

NEAR/USDT daily price chart.

If NEAR falls below the 100-day EMA at $2.55, it could extend the declining trend to the 50-day EMA at $2.37.

CaffeineAI’s launch fuels ICP trendline breakout

ICP jumped over 4% on Tuesday with the release of CaffeineAI’s early access, surpassing a key resistance trendline formed by connecting the December 6 and May 10 peaks. 

The altcoin could target the 200-day EMA at $6.23 as it holds above the 100-day EMA at $5.41. 

The MACD indicator reflects the surge in bullish momentum, as seen in other AI tokens, with the uptrend indicated by the green histogram bars. 

ICP/USDT daily price chart.

On the other hand, a reversal under the resistance trendline, which is moving along the 100-day EMA at $5.41, WOULD invalidate the breakout. In such a case, ICP could extend the declining trend towards the 50-day EMA at $5.17.