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AI Tokens Capitalize on Market Optimism as $BTC Surpasses $65,000
Cryptocurrency Price Prediction: The first week of May was particularly bullish for the cryptocurrency market after the Bitcoin price recovery from $56500 to $65223. The recent increase in buying interest for US-listed companies Bitcoin ETFs played a significant role in the latest rally, simultaneously boosting the altcoin market as it recovered from previous losses.
Amidst the current rallying sentiment, AI tokens were among the biggest gainers today, accentuating their ability to offer rapid moves across a new range of market dynamics. According to Coinmarketcap, the main assets of this sector reached 37.9% billion, expecting an intraday gain of 7.3%.
Over the past 24 hours, major AI tokens such as Graph (GRT), Fetch.AI (FET), and SingularityNet (AGIX) have shown double digital gains providing new long opportunities for momentum traders.
1) Graph (TSL)
Graph (GRT)| Tradingview
The graph (GRT) is a decentralized, open-source indexing protocol for blockchain data, allowing 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 over the past six days, showing a price jump from $0.22 to $0.3 with a record increase of 36%. The recovery took the chart’s market capitalization to $2.83, while the 24-hour trading volume was recorded at $152.8 million.
The rising price of GRT recently violated the descending trend line which brought with it an active correction trend since early March. If the breakout persists, buyers could trigger a rally towards the potential target of $0.35, followed by $0.428 and $0.49.
Read also: Anthony Scaramucci and Peter Schiff discuss Bitcoin as a hedge against inflation
2) Fetch.ai (FET)
Fetch.ai (FET)| Tradingview
Recover.ai is a blockchain-based platform that aims to revolutionize the way digital economies and data-driven markets work through the use of artificial intelligence (AI) and machine learning (ML).
In the context of recent market consolidation, the FET Price managed to hold support above $1.85, developing a local bottom on the daily chart. A bullish reversal from this base increased the coin’s value by 30% and revealed the formation of a double bottom reversal pattern that signals the potential for a higher rally.
As of this writing, the Fetch.ai token is trading at $2.4 and has a market capitalization of $2.03 billion. With sustained buying, the FET price is expected to rise another 10% and break the 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)
SingularityNET (AGIX)| Tradingview
SingularityNET is a decentralized platform designed to facilitate the creation, sharing and monetization of artificial intelligence (AI) services at scale. In the context of the current market recovery, the AGIX price showed a new higher low at $0.756 last Wednesday, projecting an initial signal of a trend reversal.
The bullish reversal resulting from the aforementioned support pushed the altcoin’s value 32.4% to currently trade at $1,002. The market capitalization of the SingularityNET coin stands at $1.28 billion, while the 24-hour trading volume is recorded at $141.2 million.
If the bullish momentum persists, the coin price is ready to break the immediate resistance of $1.07. A successful breakout above this latest swing high will give better confirmation of AGIX’s recovery targeting a potential target of $1.26, followed by $1.46.
Key takeaway
Market sentiment in the cryptocurrency market is gradually improving as the price of Bitcoin has shown notable growth this week, returning above $65,000. The upward momentum in BTC price, breaking the key resistance level, directs the market momentum towards the expected post-halving rally.
In the context of this recovery, most major altcoins, especially fast-moving asset classes such as AI tokens and Meme cryptocurrencies, offer rapid movements in the short term.
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