The impact of Artificial Intelligence (AI) is expanding across various sectors globally, revolutionizing aspects of human life and driving innovation in the Blockchain industry. This cutting-edge technology is being utilized to enhance security, streamline transactions, and revolutionize decentralized governance methods, making AI-focused altcoins an enticing investment opportunity. Recently, there has been a surge in social interest surrounding AI tokens like 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 pioneering Blockchain project leveraging artificial intelligence to establish a decentralized digital economy using autonomous agents. Despite a significant price correction since March, dropping from $3.48 to $1.65, FET is showing signs of a potential 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 breaking the current resistance trend line.
SingularityNET (AGIX) strives to democratize AI accessibility by creating a decentralized marketplace for AI services, empowering developers to create, share, and monetize AI algorithms globally using the AGIX token. With the price of AGIX trading at $0.758 and a market cap of $974.5 million, a break in the symmetrical triangle formation could trigger increased buying momentum, potentially pushing the price to $1.46 and even $2.5.
Ocean Protocol (OCEAN) boasts a market cap of $434.8 million, having experienced a notable correction from $1.67 to $0.765. The price seems to have found support at the 61.8% Fibonacci retracement level, indicating a resurgence in demand. Surpassing the current resistance level could set the stage for price targets ranging from $1.10 to $1.67, signaling a shift in market dynamics.
While the broader cryptocurrency market has seen a slowdown in recovery momentum in recent months, with many major altcoins undergoing corrections, the uncertainty surrounding Bitcoin’s price above $70,000 presents an opportunity for investors. The increasing utility of AI tokens and a broader upward trend indicate a lucrative chance for investors seeking to capitalize on the current market downturn.
In line with this trend, Santiment has noted a gradual rise in social interest towards the aforementioned projects, often leading to subsequent price hikes. Investors are advised to conduct thorough research as cryptocurrencies carry high volatility and risk. Stay updated on the latest news via Telegram, Facebook, Twitter, and Coinmarketcap.