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How Price Prediction On AI Crypto Tokens Hint Fresh Recovery In Bitcoin – Crypto News

Published

1 year ago

March 7, 2024

Dripp

Crypto Price Prediction: Amid the renewed recovery trend in the crypto market, AI-related tokens have emerged as the highest-performing sector as assets like Fetch.ai, Render, Near Protocol, and SingularityNet showcased double digital within 24 hours. This recovery witnessed an additional boost with the upcoming NVIDIA 2024 GTC AI conference scheduled for March 18 to 21. The event dedicated to the latest advancements in GPU technology, AI, and their applications across various sectors will significantly impact the world of AI tokens and cryptocurrencies.

As per coinmarketcap, the market cap of Top AI & Big Data Tokens surged by 14.86% to currently stand at $37.8 Billion.

Despite a recent sell-off that temporarily drove the Bitcoin price down to $57,500, the cryptocurrency market has maintained its bullish stance. The rapid recovery of Bitcoin, the leading cryptocurrency in terms of market capitalization, spurred a ‘buy the dip’ mentality among investors, allowing it to swiftly reclaim its position above $67,000.

Also Read: Crypto Prices Today March 7th: Bitcoin Nears $66K, Ethereum Closer To $3800 As SOL, XRP, PEPE Gain

1)Render (RNDR)

Render (RNDR)| Tradingview

Render is a decentralized platform enabling artists and creators to access distributed GPU rendering power for 3D content creation on the Ethereum blockchain. Its unique model democratizes access to rendering resources, supporting innovation in VR, AR, and gaming. RNDR stands out for incentivizing both GPU owners and content creators, fostering a robust ecosystem.

By the press time, the Render coin market cap stands at $3.59 Billion and has witnessed $1.18 Billion in trading volume, a surge of 200% since yesterday. Recent price movements of RNDR show sustainability above the $6 psychological level despite the early week selling in the crypto market. The altcoin witnessed an immediate reversal from the above-mentioned support, accounting for a 38% surge in the last 48 hours.

This price jump breached the neckline resistance of a bullish reversal pattern called rounding bottom signaling, the RNDR price is set for further growth. As altcoin is currently in price discovery mode, the buyers may face overhead resistances at $10.75, followed by $13.16.

Also Read: Here’s Why AI Tokens FET, RNDR, NEAR & Others Are Rallying Today

2)NEAR Protocol(NEAR)

BINANCE:NEARUSDT Chart — NEAR Protocol(NEAR)| Tradingview

NEAR Protocol is a layer-1 platform that prioritizes scalability and usability, offering a solution to the common blockchain trilemma of achieving scalability, security, and decentralization without compromise. It employs a unique nightshade sharding technology to process transactions efficiently and at lower costs, facilitating a developer-friendly environment for creating decentralized applications (dApps) that can serve mass numbers of users.

NEAR, the native token of this blockchain has witnessed an aggressive recovery within a month, as the price surged from $2.68 to $5.6 to register 110% growth. Similarly, the coin’s market cap reached to $5.87 Billion and the trading volume is wavering at $1.8 Billion.

This recovery under the influence of a rounding bottom pattern may face supply pressure at $6.12, followed by $8.22. However, the overextended rally may call for a minor pullback in Near Protocol price and seek support at the $4.6 or $3.6 mark.

Also Read: Bitwise CEO Highlights Bitcoin’s Potential Amid Egypt Crisis

3)SingularityNET(AGIX)

BINANCE:AGIXUSDT Chart — SingularityNET(AGIX)| Tradingview

SingularityNET is a decentralized platform that aims to facilitate the creation, sharing, and monetization of artificial intelligence (AI) services at scale. It stands out for its ambitious goal to become a central hub for AI services that can be used across various industries, leveraging the blockchain to ensure decentralization, transparency, and accessibility.

Amid the increasing popularity of AI tokens, the AGIX token price witnessed a massive inflow in the last six weeks, propelling its market cap to $1.58 Billion. The daily chart showcases a jump from $0.237 to the current trading price of $1.19, registering a 400% rise.

With the recent breakout of $1.02, the AGIX price may extend the recovery trend to $1.56, followed by $1.91. Alternatively, a suitable support on the downstand is marked at $1.02 to $0.8.

Takeaway

The crypto assets linked to Artificial intelligence are riding a high momentum rally with many hitting new all-time high values. If the broader market sustains its bullish trend, the occasional pullback in this asset may offer lucrative entry opportunities.