Cryptocurrencies that boast a robust synthetic intelligence (AI)-linked use case, such as Render Community (RNDR), SingularityNET (AGIX) and Fetch.ai (FET) have seen a pump on Wednesday amid constructive AI information.
Twitter, Tesla and SpaceX CEO Elon Musk introduced on Wednesday that he had launched a brand new generative AI start-up known as xAI.
xAI will allegedly be a direct competitor to OpenAI’s ChatGPT, which turned the quickest software on the earth to achieve 100 million customers earlier this yr following its launch final November.
Musk’s official re-entry into the AI race (he had previously been a founding member at OpenAI) brings contemporary consideration to the fast-evolving technological sector, thus bringing contemporary consideration to AI cryptocurrencies like these famous above.
RNDR is the cryptocurrency that powers the Render Network, a decentralized GPU-based AI rendering resolution.
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 constructing, deploying and connecting so-called “good brokers” to automate web3 processes.
Where Next for RNDR, FET and AGIX?
Whereas RNDR initially pumped on the Musk information, it has since reversed greater than 3% decrease on the day.
At present ranges within the $1.93 space it’s beneath its 21, 50 and 100-Day Shifting Averages (DMAs) and as soon as once more threatening a possible breakout beneath a medium-term pennant construction.
A break beneath this construction may open the door for a near-term drop in direction of resistance-turned-support within the $1.60 space.
AGIX, in the meantime, is working into key medium-term resistance within the type of a downtrend from the March highs.
With AGIX additionally discovering resistance at its 21 and 50DMAs, bears might even see present ranges as engaging so as to add to brief positions.
A retest of June lows close to $0.17, over 25% beneath present worth ranges within the $0.235 space, is a robust chance.
The outlook for FET appears to be like equally difficult, given additionally it is testing a long-term downtrend.
At present ranges simply above $0.21 the place additionally it is beneath its 21 and 50DMAs, FET may simply fall again to yearly lows within the $0.16 space, which might mark a tough 25% decline from present ranges.
Meme Coin Various to Take into account – Mr Hankey Coin
AI cash have been extremely unstable this yr.
That’s nice for buyers with a excessive threat tolerance and urge for food for huge short-term positive aspects.
An alternate sector of the crypto market that such buyers may wish to think about getting concerned in is the meme coin world.
With so many meme cash on the market, analysts at Cryptonews.com spend plenty of time combing via one of the best tasks.
They usually actually like a brand new meme coin venture known as Mr Hankey Coin.
Mr Hankey Coin is a brand-new meme coin themed on South Park’s Mr Hankey, a sentient, jolly piece of feces and the cartoon’s former Christmas deity.
Since launching throughout socials on Wednesday, the venture has been going viral forward of the launch of a stealth presale that anybody can get entangled in on Thursday.
Mr Hankey Coin, which is proudly advertising itself as the crypto business’s finest shitcoin, already has over 5,600 followers on Twitter, whereas the venture’s Telegram is quick approaching 1,000.
Web3’s hottest new shitcoin is known to be seeking to increase a modest $500,000 by way of a sale of 40% of its 1 billion token provide, valuing the token at a really modest $1.25 million, which implies loads of room for a possible pump.
In the meantime, the restricted availability of the token in presale implies that pent up demand and FOMO shall be sustained into its DEX launch.
Moreover, the venture has pledged to lock 40% of the token provide into Decentralized Change (DEX) liquidity, making certain easy buying and selling circumstances and eradicating the potential of a rug pull.
Lastly and most significantly, Mr Hankey Coin seems to be backed by a savvy advertising workforce, with rumours are already circulating the groups behind $SPONGE and $PEPE is likely to be concerned.
Whoever the workforce is, they look like arduous at work spreading the phrase, with Mr Hankey Coin already that includes all around the crypto media on respected information websites like Beincrypto and right here on Cryptonews.com.
AI Coins Pump as Elon Musk Launches ChatGPT Competitor – Where Next for RNDR, FET and AGIX? cryptonews.com 2023-07-12 20:10:18
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