• The top four artificial intelligence (AI) coins dropped an average of 10.5% over the past seven days.
• GRT price has formed a bullish pattern called the ‘Bull Flag Pattern’ with a target of 317%.
• Bulls are fighting to hold above the 20-day EMA support and long upper wicks on the daily candles underscore bearish pressure.

Artificial Intelligence (AI) Coins Struggle Against Bears

The top four Artificial Intelligence (AI) tokens have been in a downward trend, dropping an average of 10.5% over the last seven days. Despite former chairman Jay Clayton stating that the US Securities and Exchange Commission should approve a Bitcoin ETF, Bitcoin (BTC) price was unable to overcome this downward trend, falling below $30,500. The majority of the top 20 crypto tokens also experienced losses on July 10th.

The Graph Protocol’s Native Token GRT

The Graph Protocol’s native token GRT has formed a bullish pattern known as the ‘Bull Flag Pattern’, which could potentially lead to a surge in prices of over 317%. This pattern occurs when there is an uptrend followed by consolidation and then eventually breakout from that flag pattern which can cause powerful increases in asset prices. According to technical analysis rules, if this pattern is confirmed, GRT may rally up to $0.475 in price.

Bears Pressure Against GRT Token

Currently, GRT token price dropped 6.5% on July 10th reaching its daily low near $0.10986; however bulls recovered some of these losses and defended against bearish pressure by aggressively protecting the 20-day EMA support level. Upper wicks on daily candle charts highlight strong bear pressure against GRT token prices; however if they should fail to maintain their current support levels there could be further drops in value for this AI coin.

Institutions Backing Bitcoin

Despite these losses in AI tokens overall, many institutions including those with market knowledge are putting their names behind Bitcoin showing confidence in its future growth potential according to Jay Clayton who said “We have institutions that know markets better than anybody, and they are putting their names and reputations behind bitcoin.”

Conclusion

In conclusion it seems AI coins have had difficulty keeping up with wider market trends as well as withstanding bearish pressures seen against them during this period; however bulls continue to fight for their survival whether through defending key support levels or gaining confidence from institutional investors backing Bitcoin’s future success