Market
5 Artificial Intelligence (AI) Altcoins to Watch in June 2024
The world of artificial intelligence (AI) is rapidly evolving, and the integration of blockchain technology is fueling a new wave of innovation known as AI tokens.
These tokens power various projects aiming to revolutionize how AI is developed, accessed, and utilized.
Exploring AI Tokens: Technical Outlook for Bittensor, The Graph, and More
This analysis dives into the exciting world of AI tokens, exploring some of the leading players like Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX), Ocean Protocol (Ocean), and Fetch.ai (FET).
We’ll analyze their technical outlook using the Ichimoku Cloud indicator to see if these projects’ current hype translates to potential buying opportunities.
Bittensor (TAO)
Bittensor aims to create a decentralized network for machine learning. It is a peer-to-peer network where users can create, train, share, and trade machine learning models, fostering a collaborative AI environment.
Bittensor aspires to form a collective intelligence like a global brain by connecting various models globally. Utilizing blockchain technology built on the Substrate framework, Bittensor ensures a secure, transparent, and censorship-resistant platform.
Technical Outlook
TAO experienced a sharp correction, which still continues. The drop below $410 is a bearish signal since the $410 line represents a flat Ichimoku baseline plateau.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
This could lead the price to continue the downtrend to $335. Buying TAO at these price levels is interesting. A break above $410 could lead TAO to reach the Ichimoku cloud, which is located between $480 and $550.
The Graph (GRT)
The Graph makes blockchain data accessible by acting as an intermediary, allowing AI developers to easily search for, find, and retrieve relevant data from blockchains. This data is essential for training AI models across various fields, such as financial analysis, supply chain management, and creative applications.
Technical Outlook
GRT is down 40% from its local high of $0.49. The price currently trades inside the daily Ichimoku cloud, which ranges between $0.26 and $0.34, an important zone to watch.
Breaking above $0.34 could lead to the price appreciating and reaching the important resistance zone at $0.36, which has proven to be a significant price line for GRT.
Read More: The Graph (GRT) Price Prediction 2024/2025/2030
Buying GRT at these levels or lower could be advantageous. A break below the Ichimoku cloud could incentivize a further ongoing correction. Monitoring the cloud could be a good strategy to determine where to buy GRT.
SingularityNET (AGIX)
SingularityNET is a blockchain-based AI marketplace. It allows developers to create and share AI services, monetize their expertise by earning AGIX tokens, and users to find and use specific AI solutions.
Technical Outlook
AGIX is currently trading at the lower boundary of the daily Ichimoku cloud, indicating potential price indecision. If the price drops below the Ichimoku cloud, it could signal bearish momentum and push the price down to $0.84. Should the price break below the $0.84 support level, it could further decline to $0.65.
Buying AGIX between $0.84 and $0.65 might be a good investment entry point. Conversely, if the price moves above the cloud, this could indicate a trend reversal and an increase in price to the $1 resistance level, which marks the upper boundary of the cloud.
A breakout above this level could signal a bull run, driving AGIX to a local high of $1.46.
Ocean Protocol (OCEAN)
Ocean Protocol creates a secure and open marketplace for data sharing and monetization. It facilitates transactions using blockchain technology, allowing data owners to create tokens (DATs) representing access rights to their data. This enables controlled sharing and pricing while enhancing privacy and security.
Technical Outlook
Ocean’s price took a hit during a recent Bitcoin correction. When Bitcoin fell from $73,000 to $56,000, Ocean dropped from $1.60 to $0.62, representing a significant decrease of 62%. Currently, Ocean is trading at $0.88, right at the bottom of the daily Ichimoku Cloud.
A break below the Ichimoku Cloud could trigger significant selling pressure, pushing the price down to the key support level of $0.80. If that level breaks, Ocean could fall further to its previous low of $0.62.
However, considering Bitcoin’s recent performance, buying Ocean at these levels could be an attractive option for long-term investors.
Fetch.ai (FET)
Fetch.ai combines AI and blockchain to create an autonomous agent economy. It envisions a future where software agents represent individuals, organizations, and devices interacting on a decentralized network.
Fetch.ai provides developers with tools to build agents with specific capabilities, ensuring secure and transparent interactions within its ecosystem. The native token, FET, is used for transactions within the network, including agent communication and data access.
Technical Outlook
Fetch.ai’s (FET) price is currently testing a crucial support level, attempting to break below the Ichimoku Cloud on the daily chart. If this downward trend continues and FET fails to revisit the cloud’s lower boundary, a further price decline to $1.8 is possible.
This $1.8 level acts as significant support and a break beneath it could trigger a steeper drop to $1.5.
However, this price range between $1.5 and $2 for long-term investors could present a good buying opportunity. Despite the volatility inherent to FET, a potential upside exists if Bitcoin manages to break its all-time high of $73,800, which could lead to a swift recovery in FET’s price.
Conclusion: Long-Term Potential and the Bitcoin Factor
The AI token market presents a fascinating opportunity for investors with a long-term perspective. These projects are at the forefront of a technological revolution that could reshape various industries. While short-term volatility is to be expected, successful AI projects have the potential to generate significant returns for investors who believe in their long-term vision.
Here’s where Bitcoin comes in. The cryptocurrency market often exhibits a domino effect, with Bitcoin’s price movements influencing the prices of altcoins, including AI tokens.
Read More: 4 Biggest Crypto Predictions for June 2024
A potential surge in Bitcoin’s price, especially towards the often-discussed $100,000 mark and beyond during a bull market, could catalyze significant gains in the AI token space.
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.
Market
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
Market
WisdomTree Europe Launches XRP ETP
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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.
Market
Rallies 10% and Targets More Upside
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
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 – $3,250
Major Resistance Level – $3,385
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