Crypto Price Prediction: AI-Related Tokens Surge Amid Market Recovery
Introduction:
Amid the renewed recovery trend in the crypto market, AI-related tokens have emerged as the highest-performing sector. Assets like Fetch.ai, Render, Near Protocol, and SingularityNet have showcased double-digit growth within 24 hours. This recovery has been further boosted by the upcoming NVIDIA 2024 GTC AI conference scheduled for March 18 to 21. The event, dedicated to advancements in GPU technology and AI applications, is expected to significantly impact the world of AI tokens and cryptocurrencies.
Market Cap of Top AI & Big Data Tokens:
According to Coinmarketcap, the market cap of top AI & Big Data tokens has surged by 14.86% and currently stands at $37.8 billion.
Bitcoinโs Rapid Recovery:
Despite a recent sell-off that briefly drove the Bitcoin price down to $57,500, the cryptocurrency market has maintained its bullish stance. Bitcoin, being the leading cryptocurrency in terms of market capitalization, quickly recovered and regained its position above $67,000. This has led to a โbuy the dipโ mentality among investors.
Render (RNDR):
Render is a decentralized platform on the Ethereum blockchain that allows artists and creators to access distributed GPU rendering power for 3D content creation. It democratizes access to rendering resources and supports innovation in VR, AR, and gaming. RNDR incentivizes both GPU owners and content creators, creating a robust ecosystem.
RNDRโs Market Cap and Price Movement:
At present, Renderโs coin market cap stands at $3.59 billion with a trading volume of $1.18 billion. The altcoin has shown sustainability above the psychological level of $6 despite early-week selling in the crypto market. In the last 48 hours, RNDR has experienced a 38% surge after an immediate reversal from support.
Price Prediction for RNDR:
The recent price jump in RNDR has breached the neckline resistance of a bullish reversal pattern called rounding bottom. This indicates that the price is set for further growth. As the altcoin is currently in price discovery mode, buyers may encounter overhead resistances at $10.75 and $13.16.
NEAR Protocol is a layer-1 platform that prioritizes scalability and usability, offering a solution to the blockchain trilemma. It employs nightshade sharding technology to process transactions efficiently and at lower costs, making it developer-friendly for creating decentralized applications (dApps).
NEARโs Recovery and Market Cap:
NEAR, the native token of NEAR Protocol, has witnessed an aggressive recovery in just a month. The price has surged from $2.68 to $5.6, registering 110% growth. The coinโs market cap has reached $5.87 billion, with a trading volume of $1.8 billion.
Price Prediction for NEAR:
The recovery in NEAR under the influence of a rounding bottom pattern may face supply pressure at $6.12 and $8.22. However, an overextended rally may lead to a minor pullback, seeking support at either $4.6 or $3.6.
SingularityNET is a decentralized platform aiming to facilitate the creation, sharing, and monetization of AI services at scale. It serves as a central hub for AI services across various industries, leveraging blockchain technology for decentralization and transparency.
AGIXโs Inflow and Market Cap:
AGIX token price has witnessed a massive inflow in the last six weeks, propelling its market cap to $1.58 billion. The daily chart shows a jump from $0.237 to the current trading price of $1.19, marking a 400% rise.
Price Prediction for AGIX:
With the recent breakout of $1.02, the AGIX price may continue the recovery trend to $1.56 and $1.91. On the downside, a suitable support level is marked at $1.02 to $0.8.
Takeaway:
The crypto assets linked to artificial intelligence are experiencing a high momentum rally, with many hitting new all-time highs. If the broader market sustains its bullish trend, occasional pullbacks in these assets may present lucrative entry opportunities.
Hot Take: AI-Related Tokens Lead the Market Recovery ๐
In the midst of a renewed recovery in the crypto market, AI-related tokens have emerged as the top performers. With assets like Render (RNDR), NEAR Protocol (NEAR), and SingularityNET (AGIX) showcasing impressive growth, investors are keeping a close eye on this sector.
The upcoming NVIDIA 2024 GTC AI conference is expected to provide further momentum to AI tokens and cryptocurrencies. As advancements in GPU technology and AI applications continue to shape various industries, the potential for growth in this sector remains significant.
As always, itโs important to do thorough research and analysis before making any investment decisions. The crypto market is highly volatile, and while AI-related tokens may be performing well now, market conditions can change rapidly. Stay informed and make informed investment choices based on your risk tolerance and financial goals.
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