The first week of May has been distinctly bullish for the crypto and AI coin market, with Bitcoin rallying from $56,500 to $65,223. The recent increased buying interest in US-listed BitcoinETFs has played a significant role in the recent rally, simultaneously supporting the altcoin market as it recovers from previous losses.
In the current recovery sentiment, AI-related tokens were among the top gainers today, highlighting their ability to provide rapid movement in a new range in market dynamics. According to Coinmarketcap, leading assets in this sector reached $37.9 billion, reflecting a daily increase of 7.3%.
Over the past 24 hours, leading AI tokens such as The Graph (GRT), Fetch.AI (FET), and SingularityNet (AGIX) have exhibited double-digit gains, offering new long opportunities to momentum traders.
The Graph (GRT)
The Graph (GRT) is a decentralized and open source indexing protocol for blockchain data, allowing applications to query networks like Ethereum with the speed and efficiency of a traditional database.
GRT, the native cryptocurrency on the Graph network, has been in a bull market for the last six days, with its price rising from $0.22 to $0.3, a record 36% increase. This recovery increased Graph's market value to $2.83, while the 24-hour trading volume was recorded as $152.8 million.
If the uptrend continues, buyers could sustain a rally to $0.35, then $0.428, and a potential target of $0.49.
Fetch.ai (FET)
Fetch.ai is a blockchain-based platform that aims to revolutionize the functioning of digital economies and data-driven markets using artificial intelligence (AI) and machine learning (ML).
Amid the recent market consolidation, FET price managed to hold above $1.85 and formed a local bottom on the daily chart. This based bullish reversal increased the coin's value by 30% and showed that a double bottom reversal pattern was forming, signaling a potential higher rally.
As of writing, the Fetch.ai token is trading at $2.4 and has a market cap of $2.03 billion. It is estimated that with sustained buying, FET price may rise another 10% and break the neckline of the pattern at $2.64.
This breakout could accelerate the buying momentum and push FET price to $2.85 and then to $3.48.
SingularityNET (AGIX)
SingularityNET is a decentralized platform designed to facilitate the creation, sharing and monetization of artificial intelligence (AI) services at scale. During the current market recovery, AGIX price formed a new higher low at $0.756, indicating an early trend reversal.
The bullish reversal from the aforementioned support has seen the altcoin increase its value by 32.4%, currently trading at $1,002. The market value of SingularityNET coin was recorded as 1.28 billion dollars, and its 24-hour trading volume was recorded as 141.2 million dollars.
If the bullish momentum continues, the coin price is expected to break the immediate upper resistance at $1.07. A successful breakout above this recent swing high would further validate AGIX's recovery towards a potential target of $1.26, then reach $1.46.
Market sentiment in the crypto market is slowly increasing, with the Bitcoin price showing notable growth this week, rising above $65,000. The bullish momentum in BTC price is breaking key resistance, leading the market towards the anticipated post-halving rally.
During this recovery, most major altcoins, especially fast-moving asset classes such as AI tokens and meme cryptocurrencies, are offering rapid action on short-term moves.
-Yoyodex
