AI Tokens Capitalize on Market Optimism as $BTC Breaks $65K

others

AI Tokens Capitalize on Market Optimism as $BTC Breaks $65K – Crypto News

Published

12 months ago

May 6, 2024

Dripp

Crypto Price Prediction: The first week of May has been notably bullish for the crypto market following the Bitcoin price recovery from $56500 to $65223. The recent surge in buying interest for US-listed Bitcoin ETFs has played a significant role in the latest rally, simultaneously boosting the altcoin market as it recovers from previous losses.

Amid the current recovery sentiment, the AI-related tokens were among the highest gainers today, accentuating their ability to offer rapid movement upon a fresh range in market dynamics. As per Coinmarketcap, the top assets of this sector reached 37.9% Billion, projecting a 7.3% intraday gain.

In the last 24 hours, then the top AI tokens such as Graph (GRT), Fetch.AI (FET), and SingularityNet (AGIX) showcased double digital gain offering new long opportunities to momentum traders.

Also Read: Crypto Prices Today May 6: Bitcoin Crosses $64K, ETH Holds $3100, Worldcoin Rallies 16%

1) Graph (GRT)

BINANCE:GRTUSDT Chart — Graph (GRT)| Tradingview

The Graph (GRT) is a decentralized and open-source indexing protocol for blockchain data, enabling applications to query networks like Ethereum with the speed and efficiency of a traditional database.

GRT, the native cryptocurrency of the Graph network, has been on a bullish streak for the past six days, showcasing a price jump from $0.22 to $0.3 to a record 36% hike. The recovery surged the Graph’s market cap to $2.83 while the 24-hour trading volume is recorded at $152.8 Million.

The rising GRT price recently breached the downsloping trendline which carried an active correction trend since early March. If the breakout sustains, the buyers may drive a rally to the potential target of $0.35, followed by $0.428 and $0.49.

Also Read: Anthony Scaramucci and Peter Schiff Spar Over Bitcoin as Inflation Hedge

2) Fetch.ai (FET)

BINANCE:FETUSDT Chart — Fetch.ai (FET)| Tradingview

Fetch.ai is a blockchain-based platform that aims to revolutionize the way digital economies and data-driven markets function through the use of artificial intelligence (AI) and machine learning (ML).

Amid the recent market consolidation, the FET price managed to hold above $1.85 support, developing a local bottom in the daily chart. A bullish reversal from this base surged the coin value by 30% and revealed the formation of a double-bottom reversal pattern signaling the potential for a higher rally.

By the press time, the Fetch.ai token trades at $2.4 and holds a market cap of $2.03 Billion. With sustained buying, the FET price should jump another 10% and break the pattern’s neckline resistance at $2.64.

This breakout could accelerate the buying momentum and push the FET price to $2.85, followed by $3.48.

3) SingularityNET (AGIX)

BINANCE:AGIXUSDT Chart — SingularityNET (AGIX)| Tradingview

SingularityNET is a decentralized platform designed to facilitate the creation, sharing, and monetization of artificial intelligence (AI) services at scale. Amid the current market recovery, the AGIX price showed a new higher low formation at $0.756 last Wednesday projecting an early sign of trend reversal.

The bullish turnaround from the aforementioned support propelled the altcoin value 32.4% to currently trade at $1.002. The market cap of the SingularityNET coin stands at $1.28 Billion, while the 24-hour trading volume is recorded at $141.2 Million.

If bullish momentum persists, the coin price is poised to break the immediate resistance of $1.07. A successful breakout above this last swing high will give better confirmation of AGIX recovery aiming for a potential target at $1.26, followed by $1.46.

Key Takeaway

The market sentiment in the crypto market is gradually improving as Bitcoin price showcased notable growth this week now back above $65k. The upward momentum in BTC price, breaking the key resistance level, titles the market dynamic toward the anticipated post-halving rally.

Amid this recovery, a majority of major altcoins, especially fast-moving asset classes such as AI tokens and Meme cryptocurrencies, offer rapid movement in the short term.