Altcoin
3 AI-Powered Altcoins to Buy That Could Generate 100X Returns in 2024
Artificial intelligence (TO THE) is an emerging innovation that progressively permeates various global sectors, significantly improving all aspects of human life. In the blockchain industry, this technology is being leveraged for multiple reasons, including enhancing security measures, improving transaction efficiency, and offering new methods of decentralized governance, making AI-based altcoins attractive options to acquire.
Santiment, a leading crypto analytics firm, reports an increase in social volume for AI projects at the start of the weekend. This trend is especially evident for Synth AI and regulation-focused projects such as Fetch.ai ($FET), Ocean Protocol ($OCEAN), SingularityNET ($AGIX), and Theta AI ($TAO).
🤖👀 Keep an eye out for AI projects this weekend and early next week. There has been another gradual increase in social volume towards Synth AI and regulation for similar projects $FET, $OCEAN, $AGIXAND $TAO. These spikes in public interest are often followed by price increases. pic.twitter.com/23qsh95SQe
— Santiment (@santimentfeed) June 8, 2024
Historically, increased public interest has often preceded price increases, suggesting potential positive momentum for these projects. Santiment’s Alpha Narratives dashboard highlights this growing interest, flagging possible near-term price movements.
In the midst of the recent Bitcoin dropping below $70,000, the consolidation/correction of most major altcoins is expected to be prolonged. Potential investors can use this opportunity to accumulate their favorite tokens at discounted prices.
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1) Fetch.ai (FET)
Recover.ai is a pioneering blockchain project that integrates artificial intelligence (AI) to create a decentralized digital economy. The core of the Fetch.ai ecosystem is made up of autonomous agents, which are programs designed to perform various tasks on behalf of individuals, organizations, and devices.
The Fetch.ai coin entered a new correction trend at the end of March when the price returned from $3.48. The bearish trend reversal sent the asset tumbling 48.3% to seek support at the 50% Fibonacci retracement level at $1.65.
The above, supported by a slope of the 200 day EMA, creates an area of high interest for buyers, as evidenced by the last rejection candle of the tail. The price of FET is currently trading at $1.8, while the market capitalization stands at $1.529 billion.
In case of support, buyers could reverse the upper trend line to accelerate the bullish momentum. The post-breakout rally could push the asset to $2.7, followed by $4.8.
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2) SingularityNET (AGIX)
SingularityNET aims to democratize access to AI by creating a decentralized marketplace for AI services. The platform allows developers to create, share and monetize AI algorithms on a global scale, using the AGIX token for transactions and governance.
Over the past 10 weeks, the Singularity coin has witnessed sideways action sandwiched within two converging trend lines. Narrowing of the interval revealed the formation of a symmetrical triangle patternknown to regain the exhausted momentum and resume the prevailing rally.
As of this writing, AGIX price is trading at $0.758 seeking liquidity on the pattern’s lower trendline. SingularityNET coin currently holds a market capitalization of $974.5 million, while the trading volume is recorded at $147.5. Millions.
A potential breakout of the triangle pattern will intensify the buying momentum and allow buyers to challenge the $1.46 high and extend the rally to the $2.5 mark.
Read also: Algotech is the next leader in artificial intelligence: will it be able to beat Solana and Arbitrum?
3) Ocean Protocol (OCEAN)
Ocean Protocol is a decentralized data exchange protocol that aims to unlock the value of data and make it accessible and monetizable in a secure and privacy-preserving way.
The ongoing correction in the Ocean coin can be plotted using a descending trend line on the daily chart. Dynamic resistance caused the asset’s value to plummet from $1.67 to $0.765, recording a loss of 54%, while the market capitalization collapsed to $434.8.
The declining price recently stopped at the 61.8% Fibonacci retracement level, witnessing renewed demand pressure. If the altcoin manages to hold that support, buyers will challenge the overall resistance for a bullish breakout.
This breakout will signal a change in market dynamics, setting the stage for buyers to target prices between $1.10 and $1.67.
Take away
The cryptocurrency market has stalled in its recovery momentum since April and May, resorting to a fresh correction on most major altcoins. The price of Bitcoin struggling to stay above $70,000 reinforces market uncertainty and the lack of initiatives from buyers. However, with the broader uptrend and growing utility of AI tokens, the downturn opportunity shines for buyers looking for discounted value.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a deep understanding of technical analysis, he keeps a watchful eye on the daily price movements of major assets and indices. Drawn by his passion for financial instruments, Sahil has enthusiastically embraced the emerging realm of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.