Market

AI Coins of the Week

Published

2 weeks ago

October 26, 2024

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This week, a number of AI-focused coins have seen notable price increases and a surge in investor interest. Virtuals Protocol (VIRTUAL), NOSANA (NOS), and Dimitra (DMTR) lead as the top gainers.

VIRTUAL has skyrocketed by 199%, while NOS and DMTR have climbed by 84% and 36%, respectively.

Virtuals Protocol (VIRTUAL)

VIRTUAL powers Virtuals Protocol, a decentralized platform that harnesses AI-driven virtual interactions. Currently trading at $0.304, it has seen a 199% price surge over the past seven days to become one of the top gainers among AI coins.

BeInCrypto’s assessment of the VIRTUAL/USD one-day chart reveals the current significant bullish bias that the altcoin enjoys. For example, the dots that up its Parabolic Stop and Reverse (SAR) rest below its price as of this writing. This confirms that the asset is in an uptrend, and further price gains are likely.

However, the market is considerably overheated, as indicated by the token’s Relative Strength Index (RSI), which currently stands at 92.36.

Virtual Price Analysis. Source: TradingView

The RSI measures an asset’s oversold and overbought conditions, ranging from 0 to 100. Values above 70 suggest that an asset is overbought and may be due for a correction, while values below 30 indicate that it is oversold and likely to experience a rebound.

An RSI reading of 92.36 signifies that VIRTUAL is significantly overbought and at risk of a price correction. Should buyer exhaustion set in, the price could drop toward $0.23 to find support. If this level fails to hold, VIRTUAL’s price may fall below $0.20.

NOSANA (NOS)

NOS, the native token of Nosana — a protocol that leverages blockchain technology to provide on-demand access to GPU computing power — has seen its value climb by 84% over the past seven days. At press time, this AI-based token trades at $3.10.

NOS’ double-digit spike has pushed its price above the 20-day exponential moving average (EMA), which measures its average closing price over the past 20 days. When an asset’s price is above this key moving average, it is experiencing upward momentum. Traders view this as a confirmation of a short-to-medium-term uptrend.

Nosana Price Analysis. Source: TradingView

If NOS maintains its uptrend, its price will break above the resistance formed at $3.64 and climb toward the four-month high of $4.46. However, a shift in market trend could drive the token’s price down to $2.62, likely failing to hold this level as support. Should this occur, NOS’s price may drop further to $0.97.

Dimitra (DMTR)

DMTR powers Dimitra, a blockchain-based platform that leverages AI technology to help the agriculture business. Its price has climbed 34% over the past seven days, making it one of the top AI coins this week.

Readings from its moving average convergence/divergence (MACD) confirm this bullish outlook. At the time of writing, the coin’s MACD line (blue) sits above both the signal line (orange) and the zero line.

This indicator tracks an asset’s price trends and momentum and identifies potential buy or sell signals. When set up this way, it indicates a strong bullish trend. It suggests that overall momentum is positive and the asset is in an uptrend.

Dimitra Price Analysis. Source: TradingView

Currently, the altcoin is trading at $0.12, just below the resistance level at $0.15. If the uptrend continues, DMTR could potentially break above this point and attempt to challenge the next major resistance at $0.18.

Successfully surpassing this level would set DMTR on course to reach $0.61. Should this fail, DMTR’s price may drop to $0.05.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

XRP Price Momentum Reignites As Bitcoin Hits New ATH: Is a Major Rally in Sight?

Published

1 hour ago

November 6, 2024

admin

XRP price is gaining pace above the $0.5050 support zone. The price is rising and might even aim for a move above the $0.5500 resistance.

XRP price is eyeing a decent increase above the $0.5250 zone.
The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.

XRP Price Climbs 4%

XRP price remained supported above the $0.4880 level. It formed a base and started a fresh increase above $0.5050 like Bitcoin and Ethereum.

There was a move above the $0.5120 and $0.5200 resistance levels. There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair. Finally, it tested the $0.5365 zone. A high is formed at $0.5368 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.

The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5350 level. The first major resistance is near the $0.5365 level.

The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle might be $0.5840.

Another Decline?

If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.

If there is a downside break and a close below the $0.5155 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5250 and $0.5155.

Major Resistance Levels – $0.5350 and $0.5500.

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Market

Bitget’s New Token Listing Portal Demands Quality, Not Fees

Published

2 hours ago

November 6, 2024

admin

Bitget, a leading crypto exchange, opened a transparent new listing application portal for project teams. This comes shortly after several other crypto exchanges face allegations of charging huge fees for token listing.

Bitget will not charge project teams to receive a listing, but the exchange demands high standards for all listed tokens.

Bitget’s Token Listing

Crypto exchange Bitget opened a new application portal for token listings, according to a press release shared with BeInCrypto. Bitget promised that the portal would include enhanced due diligence and a rigid review process for token listings and generally aim to provide project teams with transparency. This comes one day after a major token listing controversy from Binance and Coinbase.

Specifically, several token developers and community leaders described incidents where these exchanges asked for exorbitant listing fees. These include an alleged demand for 15% of one team’s total token reserve or similar expenses to receive a listing. Major exchange listings can significantly increase token valuation and trade volume, leading some to pay high premiums.

Exchange Performance Highlights. Source: Mo Ezeldin

In this controversy, several parties from both sides have advocated for the growing decentralized exchange sector. However, Bitget is a centralized exchange, and it’s using this new listing portal to claim it’s a transparent one.

“[We] at Bitget strive to create a platform where crypto gems can truly shine. Bitget prioritizes projects with strong innovation, network effects, and ecosystem value. Our listing and security team work closely to make sure we bring trustworthy projects on the platform. We aim to… [drive] continuous innovation and prosperity in the crypto industry,” Bitget CEO Gracy Chen stated.

Bitget emphasized that it does not charge any fees during the listing application process, whether to begin or as payment for assessment services. The firm also claims to collaborate with project teams in several steps and monitor tokens after the official listing. Underperforming tokens may even face delisting if they fail to meet quality standards continually.

However, the process isn’t easy. Above all, Bitget asks potential clients to report any improper conduct or conflicts of interest from company representatives.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Is a Bigger Rally on The Way?

Published

3 hours ago

November 6, 2024

admin

Este artículo también está disponible en español.

Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.

Ethereum started a fresh surge above the $2,500 resistance zone.
The price is trading above $2,500 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above $2,580 and $2,620.

Ethereum Price Restarts Increase

Ethereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.

It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.

On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,450

Major Resistance Level – $2,620

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