John Isige
The crypto market is giving back the gains it accrued in January led by artificial intelligence (AI) coins like SingularityNET (AGIX) and Fetch.ai (FET). However, declines are not unique to AI-based tokens, considering Bitcoin (BTC) is down 2% on the day to trade at $22,714 at the time of writing. The largest smart contracts token is also in the red with losses amounting to 2.2% in 24 hours.
Experts in the market have been expecting a correction since the aggressive price action in January. Although the crypto total market cap is above the $1.1 trillion market, it lost 2.2% in the same period.
The sell-off seems to have impacted AI coins the most with FET trading 10% down on the day at $0.46. AGIX is wading through rough red waters after losing nearly 15% of its value to exchange hands at $0.44.
Crypto Pullback Catches Up With AI Coin Prices
While the rest of the market moved relatively sideways in the first week of February, AI coin prices were on the move. For instance, AGIX, the token powering SingularityNET, shows a 128% spike in seven days after accounting for the 15% dip in 24 hours.
Furthermore, AGIX has in 30 days, rewarded investors with a 574% rally, bringing the total yearly growth to +210%. SingularityNET currently holds the 89th position, boasting $523 million in market capitalization.
FET, the token native to Fetch.ai, has netted 198% in gains over 30 days. Breaking this down, investors were treated to a 69% growth in value in 14 days, and 58% in the last week.
All these gains hold after factoring in the 10% dip recorded over the last 24 hours. FET is also among the few cryptos posting gains over a 12-month period while holding in the 107th spot and boating $375 million in market cap.
AI Hype Hits Crypto By Storm
The remarkable performance of AI-based crypto coins comes amid explosive interest in related products, for instance, the popular ChatGPT from OpenAI. Reports of Microsoft backing OpenAI with a $10 billion investment caught many by surprise. Microsoft believes artificial intelligence can give it an edge above the dominant Google Chrome in the search engine arena.
The deal will also see Microsoft improve key features of its other products like Azure, the company’s cloud computing platform, and Microsoft Teams. The tech giant is making plans to integrate OpenAI’s products into many of its consumer-focused products to ensure it stays above the competition bolstered by new digital experiences.
In a recent report by JP Morgan, one of the leading investment banks globally, investors, especially institutional traders see AI as the future of trading.
Google appears to be digressing toward AI technologies, with the CEO telling investors in the latest earnings call that the company will be pushing out similar products in the near future. Sundar Pichai, the CEO of Google said Bard, the firm’s generative AI platform is an “experimental conversational AI service” focused on engaging users with in-depth answers “for questions where there’s no one right answer.”
AGIX and FET Price Update – Is It Too Late To Buy These Coins?
AGIX price is trading at $0.43 at the time of writing in the wake of a sharp drop from its all-time high of $0.95 on January 28. Tentative support at $0.40 is expected to absorb the selling pressure, allowing more investors to join in before the next upswing to levels beyond $1.00.
The Stochastic oscillator reveals that bears have the upper hand at the moment, as it slides below the midline in the neutral area. Before this, AGIX was highly overbought, hence the pullback could be attributed to investors booking profits.
If support at $0.40 weakens and AGIX price stretches its leg further downstream, traders can look forward to $0.30 as a suitable entry position. However, with the growing interest in AI-based crypto projects, massive declines are unlikely. Instead, some would be waiting for a rebound from $0.40 and a rally to $1.00.
Like AGIX, FET is eager to secure higher support ahead of the next rebound above $1.00. Resistance at $0.60 stalled the uptrend despite the support of a golden cross. This key pattern follows the movement of the 50-day Exponential Moving Average (EMA) (in red) above the 200-day EMA (in purple).
FET is doddering at $0.4652 at the time of writing following a sharp drop from highs slightly above $0.60. Buyers are expected to come up strongly at $0.4 to prevent losses from revising lower levels at $0.2 and $0.05, respectively. The path with the least resistance may stay to the upside, as long as all the moving averages sustain their up-trending movement, as shown in the chart below.
AGIX and FET Alternative To Buy Today
AGIX and FET rallies have already left the train station but investors still have another chance to get into the AI crypto coin boat with Dash 2 Trade (D2T). This is a crypto analytics platform built with the crypto trader in mind.
The platform’s developers, who are renowned traders from Learn 2 Trade, an ecosystem of hundreds of traders believe in the power of harnessing artificial intelligence to provide accurate social and on-chain metrics to the ardent investor.
Dash 2 Trade is using key AI implementations to tap the power of social and on-chain insights to help traders spot specific coins likely to witness significant price movements. Social signals are an important factor in studying investor sentiment and behaviors.
With machine learning solutions, Dash 2 Trade will enable traders to build their own trading strategies that can be automated using natural language process programs. The team is looking forward to launching an auto trading API, to allow traders to configure trade ideas and implement them successfully to realize a hands-free trading process.
AI and machine learning will also support the launch of a risk profiler, which would help traders understand the psychology behind decisions many make in any market. This product will be crucial for making profitable trades.
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This article was written for Business 2 Community by John Isige.
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