The cryptocurrency market witnessed an extended correction in the second half of June as Bitcoin plunged to a monthly low of $64000 on Tuesday. The majority of major altcoins were following the same momentum but the coins associated with AI- Artificial Intelligence experienced a sudden uptick. The renewed buying interest could be linked to AI chip maker company Nvidia recently becoming the most valuable company in the world by market cap by market cap.
Nvidia’s stock price currently stands at $135.58, boasting a market capitalization of $3.335 trillion, which reflects a significant jump of 3.51% from yesterday. The company has experienced a remarkable annual growth rate of 209.47%, recently surpassing Microsoft to become the most valuable tech company.
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AI Altcoins- Fetch.ai (FET)
Fetch.ai (FET) is a blockchain-based project that integrates artificial intelligence (AI) and machine learning (ML) to create a decentralized network of autonomous software agents.
The FET price has been under correction trend for the past 11 weeks witnessing dynamic resistance from a downsloping trendline. The bearish turnaround has tumbled altcoin value from $3.48 to $1.1 low registering a loss of 68.3%.
With a 20% jump, the coin price reverted to $1.43 projecting its sustainability above 50 EMA of the weekly chart. By press time, Fetch.ai coin holds a market cap of $1.208 while the 24-hour trading volume jumps to $247 Million.
This bullish reversal could propel the FET price by another 45% to rechallenge the overhead trendline. A potential breakout will signal the end of the current correction and bolster the altcoin for a higher rally.
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2) SingularityNET (AGIX)
SingularityNET is a decentralized AI platform that aims to democratize access to artificial intelligence (AI) services by providing a globally accessible marketplace where users can browse, test, and purchase various AI services using the AGIX token.
Amid the recent market correction, the AGIX price witnessed an aggressive down from the May 22nd high of $1.13 to $0.46 recording a 58.7% loss. However, the coin price witnessed suitable support at the ascending trendline intact since October 2023.
The dynamic support bolsters a new higher low formation in AGIX price indicating the buyers continue to accumulate this asset at market dip. Today, the SingularityNET coin jumped 20% to hit $0.60, while the markcap boasted $777.5 Million.
If the support holds, the potential reversal will take the next recovery above $0.72 resistance followed by $1.13 and $1.46.
Also Read: Crypto Prices Today June 19: Bitcoin Regains Hold Above $65K, LDO & ENS Lead Market Rally
3) Bittensor (TAO)
Bittensor is a decentralized machine learning network that leverages blockchain technology to create a peer-to-peer marketplace for AI models. The ongoing correction in the TAO coin can be followed by two downsloping trendlines in the daily chart.
The dynamic resistance and support plunged the TAO price from a $756 high to a $243 low registering a loss of 67.8%. However, the coin price recently rebounded from the lower trendline at $243 to jump 22% within two days to reach $296, while the market cap climbed to $2.11 Billion.
As per the pattern’s past record, reversal within the channel should bolster buyers to target upper boundaries indicating a potential 32% rally ahead.
However, the Bittensor coin price experienced a sustainable change in market trend after the breakout from the overhead trendline.
Key Takeaway
Nvidia’s rapid growth is significantly impacting AI-related cryptocurrencies. As Nvidia’s advancements in AI technology drive increased demand for AI solutions, associated cryptocurrencies benefit from the heightened interest and investment in the sector. These cryptocurrencies, often tied to projects leveraging Nvidia’s AI innovations, experience increased value and adoption, reflecting the broader market enthusiasm for AI-driven technologies.
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