AI tokens to watch for: TAO, NEAR, ICP surge amid Google, Meta investment pledges

• Bittensor jumped 6% on Tuesday, inching closer to a key trendline resistance breakout. 

• Near Protocol bounces off the 100-day EMA, targeting the $3 mark. 

• Internet Computer gained 4% on Tuesday with the launch of CaffeineAI early access, surpassing a crucial resistance trendline.

Artificial Intelligence (AI) tokens such as Bittensor (TAO), Near Protocol (NEAR), and Internet Computer (ICP) surged on Tuesday with Trump’s energy and AI innovation push. The investment pledges were made by American tech giants, including Google and Meta, as part of Donald Trump’s announcement of $90 billion in energy and AI investments in Pennsylvania. 

According to Reuters, Google has struck a $3 billion deal to purchase hydroelectricity from facilities in Pennsylvania alongside a $25 billion pledge in data centers over the next two years. On a similar note, Mark Zuckerberg, CEO of Meta, announced plans to spend hundreds of billions to boost multiple AI data centers. 

Furthermore, the launch of CaffeineAI's early access, designed as a self-writing app platform on the Internet Computer, could mainstream the creation of Web3 applications with no coding skills required. ICP eyes extended gains as it surpasses a crucial resistance trendline, with the release of early access.

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.