AI Coins Surge as Elon Musk Launches ChatGPT Competitor – What’s Next for RNDR, FET, and AGIX?
Cryptocurrencies like Render Network (RNDR), SingularityNET (AGIX), and Fetch.ai (FET) experienced a surge on Wednesday following positive AI news. The announcement made by Twitter, Tesla, and SpaceX CEO Elon Musk about his new generative AI start-up called xAI fueled interest in the rapidly evolving AI sector, drawing attention to AI-linked cryptocurrencies.
RNDR, which initially saw a pump in response to the Musk news, has since reversed and dropped over 3% for the day. Currently trading around $1.93, it is below its 21, 50, and 100-Day Moving Averages (DMAs) and is at risk of breaking below a medium-term pennant structure. If this happens, a near-term drop towards support at around $1.60 could occur.
AGIX, on the other hand, is facing resistance in the form of a downtrend from its March highs. Additionally, it is finding resistance at its 21 and 50DMAs, making the current levels attractive for bears to add to short positions. There is a strong possibility of AGIX retesting June lows near $0.17, which is more than 25% below the current price in the $0.235 area.
FET is also testing a long-term downtrend and is currently trading just above $0.21, below its 21 and 50DMAs. With this setup, FET could potentially fall back to its yearly lows at around $0.16, a 25% decline from its current levels.
AI coins have proven to be highly volatile this year, providing opportunities for investors with a high risk tolerance and a desire for short-term gains. For those investors, the meme coin sector of the crypto market may also be worth considering. One project that has caught the attention of analysts is Mr Hankey Coin, a new meme coin inspired by South Park’s character, Mr Hankey. The project has gained significant attention on social media platforms and plans to launch a presale, which is expected to generate substantial interest due to the limited token availability.
Mr Hankey Coin aims to raise $500,000 through the presale, and the project’s commitment to locking 40% of its token supply into decentralized exchange liquidity provides confidence in its trading conditions. With a strong marketing team behind it, the project is already gaining traction in the crypto media.
In conclusion, the launch of Elon Musk’s xAI has brought fresh attention to AI-linked cryptocurrencies like RNDR, AGIX, and FET. However, these coins face their own challenges, and their future price movements remain uncertain. In the crypto market, AI coins and meme coins continue to provide opportunities for investors, albeit with different risk profiles.
