The post PancakeSwap and Uniswap Price Prediction: Will DEX Tokens Surge To New Highs? appeared first on Coinpedia Fintech News

With the altcoins’ rising rank and a boom in the market cap of major coins, the crypto industry is gaining momentum. Further, as the market approaches $2 Trillion cap, the DEX tokens are resurging back into momentum. 

With PancakeSwap (CAKE) and Uniswap (UNI) showcasing a trend reversal, the buyers are going out of control. So, let’s have a closer look at their charts. Will the CAKE price cross $4? Will UNI continue the uptrend to $1 this year?

Let’s find out more in the price analysis below. 

Will the CAKE price resurge to $0.25? 

With a bullish revival, the CAKE price bounces above the 50-day EMA with a boom in trading volume. Sustaining dominance over the 200-day EMA, the altcoin avoids the death cross. 

Source: TradingView

With the buyers reclaiming the 38.20% Fibonacci level, the CAKE price is ready to challenge the $3 mark. Despite the recent jump above 50D EMA, the consolidation move presents a delay in the breakout.

The bullish break of the $2.80 or $3 mark will signal an entry opportunity for the sideline traders and a trend reversal. With the altcoin on the verge of a breakout and improving market sentiments, the CAKE price can result in a jump to the $4 mark in the coming weeks. 

Is Uniswap Topping $10 Soon?

With a bullish jump of 34%, the UNI price is challenging the overhead resistance at $7.80. The ongoing brawl at this supply zone marks the possibility of a double-top pattern for igniting a correction phase. 

Source: TradingView

Moreover, as per the trend-based Fibonacci levels, the Uniswap prices need to revert from the 38.20% fib level. In case of a reversal, the altcoin will mark a successful post-retest reversal and could find a surge in trading volume. 

With a $4.45B market cap, Uniswap ranks 22nd in the list of biggest crypto. Trading at a low of 84% from its all-time high of $44.97, the potential is huge in case the altcoin reverses its long-term trend. 

Therefore, if the UNI price breaks the $7.80 mark, the breakout run can reach the $10 mark. 

At first glance, the price action and on-chain data for AI marketplace SingularityNET (AGIX) looks extremely bullish recently. However, closer analysis of the technical indicators suggests a near-term reversal could be imminent.

Evidence of Skyrocketing On-Chain ActivityAccording to crypto analytics firm Santiment, SingularityNET has seen tremendous on-chain growth this past week. The number of non-zero token addresses has reached an all-time high of over 93,000 as large transaction volumes skyrocket.

In addition, crypto analyst Zyre points out that 99% of AGIX token holders are currently in profit, with 40% having held for over one year. He suggests the still low market cap presents major upside potential.

The Catch: Overbought Technicals Signal Price Retracement Despite the bullish on-chain and fundamental activity, AGIX appears extremely overextended from a technical perspective for the time being.

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As one example, the Relative Strength Index (RSI) indicator shows a reading of 94. Such extreme overbought levels suggest an imminent pullback is likely before any further major upside price action.

In addition, a large gap has emerged between the 50 and 100 simple moving averages (SMAs) and the current price. The price will likely need to retrace back towards the $0.35 level where those SMAs are located to establish healthier support.

Looking at the price action too, the price has not restested the last broken major support at around $0.35. We may see a retracement back to theis level which is around where the 50 and 100 SMAs also are.

In summary, while long-term holders are clearly still accumulating and network growth remains strong, traders may want to wait for a technical price correction before entering new AGIX positions at this stage of the rally. Allowing the charts to cool off could set the stage for more sustainable gains.

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The post Why Now May Not Be the Best Time to Buy SingularityNET’s AGIX Despite Multiple Bullish Indicators appeared first on CaptainAltcoin.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Artificial Intelligence (AI)-related altcoins finished the week on top: SingularityNET (AGIX) surged 97% and Worldcoin’s WLD gained 93% to a record of $9.03. Filecoin’s FIL token and the Graph’s GRT also performed well, rallying more than 40% over the past seven days. The gains lifted the CoinDesk Computing Index 11% while the broader market gauge CD20 dropped some 2%. AI cryptocurrencies initially jumped in price Wednesday after chipmaker Nvidia (NVDA) beat fourth-quarter earnings and first-quarter guidance expectations, and the move has gained strength since. Bitcoin (BTC), the world’s biggest cryptocurrency by market value, has been trading between $50,500 and $52,500 and is down 2% on the week.

Reddit said it invested part of its excess cash in bitcoin (BTC) and ether (ETH), making the firm one of the few companies that directly purchased digital assets, alongside the likes of Michael Saylor's MicroStrategy and Elon Musk's Tesla. The social-media platform disclosed the investments in the two largest cryptocurrencies when it filed with the U.S. Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange under the ticker symbol “RDDT.” It also said that it acquired ether and Polygon (MATIC) "as a form of payment for sales of certain virtual goods.” Reddit said it may continue this strategy in the future.

Fintech company Block posted a remeasurement gain of $207 million on its bitcoin (BTC) holdings in its fourth-quarter earnings report released Thursday. As of Dec. 31, 2023, Block held approximately 8,038 BTC for investment purposes with a fair value of $340 million. The Jack Dorsey-led company made $66 million in gross profit on bitcoin sales last quarter through Cash App, a banking services platform, a 90% increase year over year. “The total sale amount of bitcoin sold to customers—which we recognize as bitcoin revenue—was $2.52 billion, up 37% year over year,” the report said.

Chart of the Day

The ether-bitcoin (ETH/BTC) ratio is rising and looks set to break out of a 17-month-long downtrend.

A potential breakout would mean ether outperformance ahead.

Ether's supply outlook is better than bitcoin's, some analysts say.

Source: TradingView.

- Omkar Godbole

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Unveiling the top AI altcoins for investment in March 2024: A comprehensive guideArtificial intelligence (AI) is one of the most disruptive and innovative technologies of the twenty-first century, and it is also changing the world of cryptocurrency. AI-based altcoins are digital assets that leverage AI technology to provide various solutions and services, such as data analysis, machine learning, natural language processing, and more.SingularityNET (AGIX): SingularityNET is a decentralized AI marketplace that connects users, developers, and AI services. It enables the creation and deployment of AI solutions across various industries and domains, such as healthcare, education, finance, and more. SingularityNET has a strong vision of creating a global AI network that is accessible, democratic, and beneficial for humanity. AGIX is the native token of SingularityNET, which is used for paying and rewarding AI services, staking, and governance.Fetch.ai (FET): Fetch.ai is a decentralized network that enables smart agents to perform autonomous tasks using AI and machine learning. It aims to create a digital world where agents can collaborate, share information, and execute transactions. Fetch.ai has applications in areas such as supply chain management, decentralized finance, and smart cities. FET is the native token of Fetch.ai, which is used for accessing the network, rewarding agents, and governance.Ocean Protocol (OCEAN): Ocean Protocol is a decentralized data exchange that allows individuals and organizations to share and monetize data securely and transparently. It aims to unlock the value of data for AI usage, by providing a platform for data providers, consumers, and curators. Ocean Protocol has applications in sectors such as healthcare, finance, and energy. OCEAN is Ocean Protocol’s native token, utilized for data buying and selling, staking, and governance.Numerai (NMR): Numerai is a hedge fund that uses data science competitions to improve its trading algorithms. It operates as a decentralized network of data scientists and machine learning experts, who submit and stake their predictions using encrypted data. Numerai rewards the best performers with NMR, its native token, which is also used for governance.Cortex (CTXC): Cortex is a decentralized AI platform that lets users upload and integrate AI models onto the blockchain. It aspires to democratize AI by offering a platform for developers to monetise their AI models and users to gain access to a variety of AI solutions. Cortex has applications in domains such as gaming, social media, and advertising.Synthetix (SNX): Synthetix is a synthetic asset issuance platform that allows users to create and trade synthetic assets on the blockchain. It uses AI to optimize its decentralized finance protocols, such as liquidity provision, collateralization, and oracle. Synthetix has applications in areas such as derivatives, commodities, and cryptocurrencies.DeepBrain Chain (DBC): DeepBrain Chain is a decentralized AI computing platform where you may rent computer resources for AI training and inference. It aims to make AI more accessible and cost-effective, by providing a platform for AI developers and users. DeepBrain Chain has applications in sectors such as healthcare, education, and entertainment.GNY (GNY): GN GNY is a decentralized machine learning platform that lets developers build and deploy machine learning models on the blockchain. It aims to simplify the integration of AI into various applications, by providing a platform for AI development and deployment. GNY has applications in domains such as e-commerce, social media, and healthcare.BotOcean (BOTS): BotOcean is a decentralized AI marketplace that allows users to create, distribute, and monetize AI bots. It aims to facilitate the creation of automated solutions for various tasks, such as trading, gaming, and social media. BotOcean has applications in sectors such as finance, entertainment, and education. BOTS is the native token of BotOcean, which is used for buying and selling AI bots, staking, and governance.Neural Protocol (NRP): Neural Protocol is a decentralized infrastructure for AI development. It aims to create a global AI network that is scalable, secure, and interoperable. Neural Protocol has applications in areas such as data analysis, machine learning, and natural language processing. NRP is the native token of Neural Protocol, which is used for accessing the network, rewarding developers, and governance.📌 If you find this information helpful, consider supporting me.Follow me and like,share,quotes this post.. Your generosity helps me provide quality content. #Write2Earn #TrendingTopic