Artificial intelligence (AI) cryptocurrencies have become popular in 2023 due to a growing interest in the potential of AI technology and its integration with blockchain. The use of AI in blockchain technology has also opened up new investment opportunities, leading to the creation of AI-focused cryptocurrencies such as The Graph (GRT) and SingularityNET (AGIX).
GRT/USDT 1-Hour Trading Analysis
The one-hour technical analysis of The Graph (GRT) reveals a bullish market trend, as the cryptocurrency trades above its crucial 200-day Moving Average. The formation of a golden cross between the 50-day Moving Average and the 200-day Moving Average has fueled the cryptocurrency's upward momentum, with GRT's price surging since the crossover occurred. This bullish activity is a strong indicator of potential future gains in the artificial intelligence cryptocurrency.
Additionally, the Relative Strength Index (RSI) for The Graph (GRT) cryptocurrency stands at 84.67, indicating that the market may experience a period of consolidation before potentially breaking above its current resistance level and moving toward its next target.
The overall outlook of the GRT market appears to be bullish, with recent price action indicating further upside in the coming days. The cryptocurrency is currently trading at $0.1674, with key resistance present at the $0.1959 level. Investors should watch for a potential pullback if resistance presents itself at that price level.
AGIX/USDT 1-Hour Trading Analysis
An analysis of SingularityNET's (AGIX) 1-hour technical chart presents a similar pattern to GRT, another AI-based cryptocurrency. A golden cross of the 50-day Moving Average (MA) and 200-day MA has been established, resulting in a significant surge in price.
However, the RSI is currently hovering around 62.17, implying that AGIX may take some time to break above its current resistance and move to its next target.
In conclusion, the growing recognition of the potential of AI technology and its integration with blockchain, as well as the increasing demand for investment opportunities in the AI sector, will drive the popularity of AI cryptocurrencies in 2023.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.