ReportWire

Tag: AI Tokens

  • AI Crypto Fetch.ai (FET) Makes ‘Big Bounce’

    AI Crypto Fetch.ai (FET) Makes ‘Big Bounce’

    [ad_1]

    Fetch.ai (FET), a leading artificial intelligence (AI) crypto, rocketed to the top of the gainers chart on Thursday. The 28% surge comes just days before FET’s scheduled merger with other AI tokens into the much-anticipated Artificial Superintelligence Alliance (ASI).

    Related Reading

    Bullish Brew: AI Market Momentum And Upcoming Alliance Fuel FET’s Rise

    The recent surge in FET’s price appears to be a confluence of positive factors. The general AI market is experiencing a boom, fueled by the success stories of Elon Musk’s xAI advancements and Nvidia’s recent claim to the title of the world’s most valuable company. This positive sentiment seems to be spilling over to AI-focused cryptocurrencies, with FET being a prime beneficiary.

    Adding fuel to the fire is the impending launch of the Artificial Superintelligence Alliance on July 15th. This merger, which will see FET join forces with Ocean Protocol (OCEAN) and SingularityNET (AGIX), has been generating significant buzz within the crypto community. The promise of a unified force in the AI crypto space is likely contributing to the current bullishness surrounding FET.

    Further bolstering the positive outlook is a surge in trading activity. Derivatives markets witnessed a massive 210% increase in FET’s trading volume, indicating renewed interest from traders. Additionally, short-sellers are facing significant liquidations, suggesting a short-term squeeze and a potential trend reversal in FET’s favor.

    Overbought Territory And User Apprehension

    However, not everyone is convinced of FET’s long-term prospects. The token’s meteoric rise has pushed its Relative Strength Index (RSI) to 75 on the 4-hour charts, which signifies that it might be entering overbought territory. This suggests a potential correction could be on the horizon, as investors who bought in early might be tempted to take profits.

    FETUSD trading at $1.56 on the daily chart: TradingView.com

    Moreover, user sentiment appears to be mixed. While social media discussions surrounding FET have reached levels not seen since March 2024, a significant portion of users on Binance, a leading crypto exchange, seem to be bearish on the token’s long-term future. This discrepancy highlights a potential disconnect between casual investors and more seasoned traders.

    Related Reading

    Adding to the uncertainty is a recent incident on Binance. A warning message regarding FET’s delisting on July 1st (later clarified to be the delisting of the FET/USDT trading pair) caused a temporary dip in the token’s price. This episode underscores the potential for confusion and volatility surrounding the upcoming merger.

    Featured image from Elegant Themes, chart from TradingView

    [ad_2]

    Christian Encila

    Source link

  • These Crypto Asset Classes Could Be Future Market Drivers: Santiment

    These Crypto Asset Classes Could Be Future Market Drivers: Santiment

    [ad_1]

    According to analytics firm Santiment, Artificial Intelligence (AI) and Real-World Assets (RWA) could be future drivers for the crypto market.

    AI And RWA Crypto Tokens Have Seen High Interest Recently

    As explained by Santiment in a new post on X, topics like AI and RWA have recently seen a surge in interest. The indicator of relevance here is the “Social Volume,” which keeps track of the amount of discussion related to any given topic or term occurring on social media platforms.

    This metric makes this measurement by counting the number of unique posts/threads/messages that mention at least one topic in question. The indicator measures the number of posts rather than the number of mentions themselves because the latter can provide a skewed picture.

    Consider a situation where many mentions are occurring on these platforms but are limited to only a few posts. Discussion around the topic is happening for sure. Still, the fact that only some users are engaging in it could imply that the average user may not have any interest in the topic.

    A large number of posts being made around the topic, on the other hand, would imply discussion is happening across social media, and hence, there has to be some interest outside niche circles.

    Now, here is a chart that shows the trend in the social volume of AI and RWA over the last few months:

    Looks like the value of the metric has been high for both of these topics in recent days | Source: Santiment on X

    As displayed in the above graph, the Social Volume for these two topics has been at notable levels recently, implying that the crowd has been paying attention to them. Based on this increased interest, Santiment believes these topics are “projecting to be future crypto market drivers.”

    “In the ever-changing climate of trader interests over the years, such as DeFi, NFT‘s, memecoins, or staking, these more recent topics have been a major focus, and many related tokens have taken turns benefiting from market decouplings,” notes the analytics firm.

    Santiment has also listed some cryptos that connect with these topics. For the AI side, there is The Graph (GRT), Fetch.ai (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), and Bittensor (TAO).

    Meanwhile, for RWA, the analytics firm has pointed out cryptos like Avalanche (AVAX), Chainlink (LINK), Internet Computer (ICP), and Maker (MKR). Given the high interest backing both these topics, it’s possible these assets could be ones to keep an eye on in the future.

    Avalanche Price

    Avalanche has observed a strong surge during the past week as the asset’s price has shot up almost 30%. Following this surge, the crypto has cleared the $35 level.

    The chart below shows how AVAX has performed recently.

    Avalanche Crypto Price Chart

    The price of the crypto has observed a sharp surge over the last few days | Source: AVAXUSD on TradingView

    Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    [ad_2]

    Keshav Verma

    Source link