AI-Altcoins Poised 50x Rally as Meme Coin Craze Cools Down
Release: 2024/03/07 19:09 Reading: 712
The post AI-Altcoins Poised 50x Rally as Meme Coin Craze Cools Down appeared first on Coinpedia Fintech News
AI coins are doing 10X here and there, and many people are flexing their 20% or 60% pump. In the current cryptocurrency scenario, Bitcoin’s recent calmness has allowed altcoins to reclaim their upward momentum. Among them, AI-based tokens are stealing the spotlight with their impressive comebacks. Take Sleepless AI, for instance, which has skyrocketed nearly 50% in just under 36 hours, leaving investors excited.
As Bitcoin’s rally took center stage last week, AI coins took a backseat amid a phase of consolidation. Meme coins like Pepe Coin and Dogwifhat stole the spotlight, drawing attention away from AI tokens. But now, with Bitcoin’s momentum slowing down, interest is swinging back to AI projects. This shift in market sentiment suggests a possible comeback for AI-based ventures. One of the hot AI Coin is Sleepless AI. Here’s why?
Sleepless AI Rally Hype or Real?
Despite the recent market turbulence and volatility triggered by Bitcoin’s fluctuations, AI coins have not only managed to recover from their losses but have also surpassed their pre-crash levels. Sleepless AI’s notable rally serves as a testament to this trend, suggesting a bullish outlook for AI tokens collectively.
Taking a closer look at Sleepless AI’s price action, its breakout from a consolidation phase on March 6 resulted in a significant uptick. Currently trading around $2.13, the token may experience a pullback to a stable support level of around $1.94, presenting a potential entry point for investors seeking to capitalize on the anticipated rebound.
Technical indicators, such as the 12-hour Relative Strength Index (RSI) and the Awesome Oscillator, are signaling an uptick in bullish momentum, further bolstering the case for a bounce following the expected pullback.
However, it’s essential to acknowledge the potential risks associated with Sleepless AI’s bullish outlook. Continued downward pressure on Bitcoin’s price could undermine the bullish sentiment, potentially invalidating the thesis. In such a scenario, a breach of the $1.42 support level could trigger a significant downturn, with the next key support level lying at $1.26.
AI’s Stellar Year
In 2024, AI coins have emerged as top performers in the crypto market, as highlighted by entrepreneur and Bitcoin investor Lark Davis. Tokens like Worldcoin, Fetch.AI, and SingularityNET have witnessed significant surges in value, driving the overall bullish trend in the AI-based coin market. Other AI coins like Balance AI, Octavia, and Chacedot have also experienced notable gains.
The rise in AI coins is fueled by the launch of OpenAI’s Sora and announcements of a $7 trillion-dollar raise by Sam Altman. Additionally, NVIDIA’s strong earnings, contributing to AI development through chip production, have positively influenced the AI crypto market. The total market cap of AI coins sits at $23B.
What is your AI pick?
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