Cryptocurrencies that have strong links to artificial intelligence (AI), such as Render Network (RNDR), SingularityNET (AGIX), and Fetch.ai (FET), experienced a surge in value on Wednesday following positive AI news. This surge was prompted by Elon Musk, CEO of Twitter, Tesla, and SpaceX, announcing the launch of his new generative AI startup called xAI. Musk’s entry into the AI race has brought fresh attention to AI cryptocurrencies like RNDR, AGIX, and FET.
RNDR is the cryptocurrency that powers Render Network, a decentralized GPU-based AI rendering solution. AGIX is the token that powers SingularityNET’s decentralized AI-focused crypto ecosystem. FET is the ERC-20 crypto token that powers Fetch.ai’s AI-powered platform for building, deploying, and connecting “smart agents” to automate web3 processes.
However, despite the initial pump in value spurred by the Musk news, RNDR has since dropped over 3% on the day. It is currently trading below its 21, 50, and 100-Day Moving Averages (DMAs), and there is a possibility of a breakout below a medium-term pennant structure. If this occurs, RNDR could see a near-term drop towards resistance-turned-support in the $1.60 area.
AGIX is also facing challenges as it encounters key medium-term resistance from a downtrend that started in March. With resistance at its 21 and 50 DMAs, bears may consider current levels attractive for short positions. A retest of June lows near $0.17, a significant drop from its current price of $0.235, is highly probable.
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FET is similarly testing a long-term downtrend and is currently trading just above $0.21. It is also below its 21 and 50 DMAs, making it susceptible to falling back to yearly lows in the $0.16 area, marking a rough 25% decline from its current levels.
While AI coins have demonstrated high volatility this year, investors with a high risk tolerance and an appetite for short-term gains may consider looking into meme coins as an alternative. One such meme coin project is Mr Hankey Coin, themed on South Park’s Mr Hankey, a jolly piece of feces and former Christmas deity in the cartoon. The project has gained viral attention on social media and is launching a stealth presale that anyone can participate in. With over 5,600 followers on Twitter and a fast-growing Telegram community, Mr Hankey Coin is already generating buzz. The project aims to raise $500,000 through the presale and has locked 40% of the token supply into decentralized exchange (DEX) liquidity to ensure smooth trading conditions and prevent rug pulls. The project’s marketing team has also been actively spreading the word, leading to coverage on reputable news sites.
It is important to note that investing in cryptocurrencies, whether AI or meme coins, carries high risk. This article is provided for informational purposes only and should not be considered as investment advice. Loss of capital is possible.
