Perhaps nothing captures the rollercoaster ride of crypto markets quite like the recent performance of the token, TruthGPT (TRUTH). Having surged by an impressive 90% yesterday, it flirted with the Fib 0.5 level of $0.001754 before dipping to a current price point of $0.001635. While some may perceive this 23% decrease as the start of something more damning, indicators propose that this may simply be a temporary retracement.
Truth’s 4-hour 20 EMA is positioned at $0.001561, a level the token revisited earlier today when it bottomed out at $0.001554. This suggests that the EMA could serve as an immediate line of support for the token, possibly mitigating future dips. Presently, the relative strength index (RSI) for Truth sits at 53.64. It implies that the coin is neither oversold nor overbought, enhancing the theory of a healthy correction succeeding the meteoric rise.
At -0.00003952, the MACD histogram for Truth implies that bearish momentum might be on the cards. However, relative proximity to the zero line also implies waning strength amongst the sellers. When paired with a relatively low 24-hour trading volume ($45.87k), it casts doubt on the convictions of this downward move. Any substantial fluctuation in the volume could suggest an imminent trend reversal.
For those eyeing potential uptrends, the Fib 0.5 level of $0.001754 is the key resistance to keep tabs on. Conversely, immediate support resides at the 4-hour 20 EMA ($0.001561) and the Fib 0.618 level ($0.001477). The neutral position of the RSI and the potential support of the 4-hour 20 EMA create a noteworthy case for a price reversal, but enhanced prudence is advised.
In the broader field of crypto, yPredict has been making waves within the artificial intelligence niche. Their most recent product, the Backlink Estimator—aided by artificial intelligence—stoked interest among 5,000 users on the launch day. With AI-assisted price prediction and an analytics platform, the related crypto token, $YPRED, is gathering attention as a promising AI utility coin. As yPredict’s focus expands toward sizeable content teams, 2023 could be an eventful year for AI presales.
Capitalising on the AI-interest bloom, yPredict has apportioned 80% of the token supply to the crypto community. Hence, fears of significant price disruptions by insider token drops are circumvented while the staking yields and discounts incentivise token retention.
As always, investments in the crypto market entail high risk. While keeping an agile eye on indicators and trends, traders must recognize the possibility of capital losses. The unfolding story of TruthGPT/Truth, yPredict, and the entire crypto market waits to be told, one price swing at a time.
Source: Cryptonews
