The cryptocurrency market seems to be patiently biding its time, with many enthusiasts eagerly anticipating a breakout that could usher in a new bull run. As we take a closer look at this potential shift, it is worth noting that artificial intelligence (AI) could be the driving force behind it.
For those who have witnessed previous bull markets, the current state of the crypto space might seem rather lackluster. Although Bitcoin has seen an increase of over 100% since the beginning of the year, its movements have remained largely sideways, apart from the occasional spike or dip. With a downward trendline forming since its peak in April, the possibility of a breakout happening in the next week remains, as long as the price hovers around the $29,000 mark.
As we examine the altcoin market, it is interesting to observe that several AI-related projects have their higher, weekly time frame Stochastic RSIs either at the bottom or nearing that point. Among these, some AI projects have been the star performers of the recent crypto rally that peaked in early February.
One such standout is $AGIX, which surged 1,370% in just six weeks from January 2nd. Since then, it has experienced a gradual decline and is now positioned near the 61.8 Fibonacci level. This area offers strong support, which has been well-established since 2021, and the weekly time frame Stochastic RSI is also perfectly poised for a potential upswing.
In addition to $AGIX, another top achiever in the AI altcoin space is Fetch.ai ($FET). This project saw gains of 520% within the same window as $AGIX, but considering its starting point in November, its rise is more accurately calculated at 1,060%.
Another AI-related altcoin worth keeping an eye on is Alethea Artificial Liquid Intelligence ($ALI). Since the beginning of the year, this coin has risen 1,171%; however, when measured from its low in November, the increase amounts to over 1,900%.
While these promising AI projects have garnered attention in the crypto sphere, it is essential to note that various factors must be considered before trading any cryptocurrencies. The global financial markets and incoming regulatory stipulations also play a significant role in shaping these decisions.
In conclusion, as the crypto market waits with bated breath for a breakout, it is apparent that AI will likely continue to play a decisive part in the industry’s future. The AI narrative in crypto remains strong as these altcoins could potentially lead the charge into the next bull run. However, enthusiasts should not overlook the myriad of factors that can impact the market, as well as the importance of conducting thorough research before making any investment decisions.