TARS Protocol price has suffered a harsh reversal, erasing some of the gains made a few weeks ago. The $TAI token price crashed to a low of $0.20, its lowest swing since June 7th of this year. It has plummeted by over 31% from its highest point this week.
Why is TAI crashing?
TARS Protocol is a Solana-based network that aims to disrupt the artificial intelligence (AI) industry by bridging the gap between AI and Web3 worlds. Its goal is to help developers and other users to integrate AI and Web3 technologies. Some of its technologies are AI-driven smart contract management, on-chain identity verification, and staff authentication.
TARS Protocol aims to take advantage of the ongoing hype surrounding artificial intelligence. Just this week, Apple unveiled Apple Intelligence, its version of AI that will power all its devices. It also introduced a partnership with OpenAI, the creator of ChatGPT.
TARS Protocol joins other blockchain networks that are aiming to become big players in the AI industry. Just recently, Fetch.ai, SingularityNET, and Ocean Protocol decided to merge to create a single AI platform. The merger process will be completed on June 13th.
TARS Protocol has also selected Solana, one of the fastest-growing blockchain networks in the world. Many developers are selecting the network because of its low transaction costs, fast speeds, and reputation. TARS AI was recently listed in BitPanda and other exchanges are expected to do the same.
The TAI price is tumbling because of the ongoing weakness in the crypto industry. As I wrote earlier, popular tokens like Jasmy, Notcoin, and Uniswap have plunged hard in the past few days as the focus shifts to the upcoming Federal Reserve decision and US inflation data.
TARS Protocol price forecast
Turning to the hourly chart, we see that the TAI token price has dropped sharply in the past few days. It has crashed below the key support at $0.2090, its lowest swing on June 10th and its highest swing on May 25th. The token has moved below the descending trendline shown in red.
It has also crashed below the Woodie pivot point. Also, the Relative Strength Index (RSI) and the MACD indicators have continued falling. Therefore, the token will likely continue falling as sellers target the first support at $0.150. The stop-loss of this trade will be at $0.2100.
