Artificial intelligence (AI) tokens have lit up the cryptocurrency market in the final week of January, showcasing robust movements as some projects bounce back from recent slumps, setting the stage for potential gains in the upcoming first week of February.
MorpheusAI (MOR) made a stunning 47% surge, reclaiming its position in the AI landscape, while Morphware (XMW) leaped by 32%, driven by anticipation surrounding a potential golden cross event. Bittensor (TAO) also climbed by 19% after finding support from its September 2024 low.
MorpheusAI (MOR)
MorpheusAI, an Arbitrum-powered network, promotes itself as the "first peer-to-peer network for general-purpose artificial intelligence." Introduced in May 2024, its native token MOR initially peaked at around $128 before facing a steep decline.
The past seven days have seen MOR's value rise by 47%, edging its market cap near $100 million. While briefly touching $115 million before a minor correction, the momentum behind MOR remains steadfast.
Should the rally endure, MOR could test resistance levels at $37, potentially aiming for $40 or even $45 for the first time since June 2024. Conversely, a reversal may lead to a test of the $22 support, with further decline potentially breaching $16.2.
Morphware (XMW)
Morphware, an Ethereum-based Layer 3 AI project aiming to deliver a decentralized machine-learning platform, witnessed a remarkable surge of 32% in the previous week, with a notable 26% upswing in the last 24 hours, escalating its market cap to $75 million. Launched in September 2024, XMW hit an all-time high of $0.18 on December 12, 2024.
As per EMA lines, XMW shows potential to form a golden cross in the near future, projecting a push towards crucial resistance levels at $0.10 and $0.12. Any downturn should keep an eye on the substantial support at $0.082, as breaching it could send XMW spiraling down to $0.062.
Bittensor (TAO)
TAO emerges as the most prominent artificial intelligence crypto, boasting a market cap of approximately $3.8 billion, surpassing rivals like RENDER, FET, and VIRTUAL. Its vision revolves around establishing a blockchain-powered decentralized machine-learning network.
TAO's value escalated by 19% in the last week after touching a low of $362 on January 23, the lowest point since September 2024. This rebound signals growing interest as the AI cryptocurrency narrative regains traction.
EMA lines suggest the potential formation of a golden cross for TAO, hinting at a possible surge towards resistance levels at $480 and $498. Strengthening AI enthusiasm could propel TAO towards $521 or even $586. Conversely, critical supports at $458 and $435 need to hold lest TAO retraces to $386 or $362.