Artificial Intelligence Altcoins Gain Significant Value Following Recent Developments at OpenAI

6 months ago

Following recent developments at OpenAI, including Sam Altman’s removal from the CEO position, there has been a noteworthy increase in the prices of artificial intelligence (AI) based altcoins. While the cryptocurrency market as a whole remains uncertain, this news has once again drawn investors’ attention to AI altcoins. Here are some of the altcoins in this category that have the most potential for value appreciation, based on technical analysis.

Render Token (RNDR) Price Analysis: Key Resistance Level Broken

This week, Render Token (RNDR) stood out in the cryptocurrency market, experiencing a significant increase of 72% from $2.1 to $3.6. This impressive rally was achieved by breaking through the resistance line in the symmetrical triangle formation, indicating a strong presence of buyers. RNDR’s price had been limited to a narrow trading range over the past 20 months, but this breakthrough signifies a significant change in market dynamics.

At the time of writing, RNDR is trading at $3.47, and surpassing the $3.3 resistance suggests further potential gains. If the current momentum is maintained, the next targets for Render Token could be $4.25 and $5.7.

The Graph (GRT) Price Analysis: Preparing for a Rally Under Bullish Formation

Since the end of October, The Graph (GRT) has seen a strong recovery, with its price rising from $0.0774 to $0.165, marking a notable increase of 113%. However, the uncertainty in the cryptocurrency market led to a slight pullback in GRT’s price, which was balanced at the support level of $0.12. Interestingly, this level corresponds to the 50% Fibonacci retracement level, indicating a strong and healthy correction that signals a recovery fueled by renewed buyer interest.

At this point, the recent formation of a double bottom pattern can be seen as a bullish signal fueled by potential renewed buyer interest. Additionally, with a 3.55% increase during the day, buyers broke through the neckline resistance of $0.14. Sustaining the current momentum and keeping the price above this critical threshold could trigger a 14.6% increase, potentially taking The Graph’s price to $0.16. (FET) Price Analysis: Can it Reach $1?

On the daily timeframe chart, (FET) is gathering strength under the influence of a rolling bottom formation that has been in effect for the past 9 months. The reversal of this upward movement indicates sustainable growth that offers multiple entry points for buyers to join the uptrend. Currently, the altcoin is trading at $0.53 and steadily progressing towards the significant neckline resistance at $0.61, with a significant intraday increase of over 4%.

Any rise above this resistance level could open a new window for investors to turn their attention to and potentially increase buying pressure. In such a scenario, could be expected to reach the significant psychological threshold of $1.

Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research before making any transactions.
Continue Reading:
Related News