The influence of artificial intelligence (AI) is expanding across various industries worldwide, revolutionizing facets of human existence and driving innovation within the Blockchain sector. AI technology is being utilized to enhance security protocols, streamline transactions, and revolutionize decentralized governance systems, making AI-focused altcoins an appealing investment option. Lately, there has been a surge in public interest in AI tokens such as Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), hinting at potential price surges amidst Bitcoin’s decline, offering a promising outlook for altcoin enthusiasts.
Fetch.ai (FET) is a Blockchain initiative leveraging AI to establish a decentralized digital economy, employing autonomous agents to carry out tasks on behalf of users. Despite a considerable correction post-March, with prices dropping from $3.48 to $1.65, FET displays promise for an upward trajectory. Currently trading at $1.8 with a market cap of $1.529 billion, FET is supported by the 200-day EMA slope. A strong support level at $1.65 could propel the price towards $2.7 and potentially $4.8 upon surpassing the current resistance trend line.
SingularityNET (AGIX) aims to democratize AI access by creating a decentralized marketplace for AI services, enabling developers to globally create, share, and monetize AI algorithms using the AGIX token for transactions and governance. AGIX prices have been consolidating within a symmetrical triangle formation for the past ten weeks, currently trading at $0.758 with a market cap of $974.5 million. A breakout from this formation could trigger increased buying activity, driving prices towards $1.46 and possibly $2.5.
Ocean Protocol (OCEAN) boasts a market cap of $434.8 million, experiencing a significant correction from $1.67 to $0.765. However, the price has found support at the 61.8% Fibonacci retracement level, indicating renewed buying interest. If this support holds, breaching the current resistance could lead to price targets of $1.10 to $1.67, signaling a potential shift in market dynamics.
While the broader cryptocurrency market has experienced a slowdown in recovery momentum since April and May, with several major altcoins undergoing corrections, Bitcoin’s struggle to sustain its price above $70,000 adds to market uncertainty. Nonetheless, the increasing utility of AI tokens and a broader uptrend present a profitable opportunity for investors looking to capitalize on the current market downturn.
In related news, Santiment has observed a gradual rise in social volume surrounding the aforementioned projects, often accompanied by subsequent price hikes. For the latest updates, follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies, conducting thorough research before making any investment decisions.
