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🤖 Top 3 Artificial Intelligence (AI) Coins of the First Week of July 2024 The Artificial Intelligence token space has surged considerably this year, and the beginning of Q3 witnessed a major event in this industry. 🔸 Zignaly (#ZIG ) Zignlay’s 2.5% price rise was the best performance by an AI token this week. The crypto asset’s early rise during the previous weekend countered the decline over the last four days. ZIG is thus currently changing hands at $0.105. It is attempting to close above the crucial support at $0.105, one that has been rested as resistance in the past. Securing it as support would enable recovery towards $0.112. However, failure to do so would mean additional potential losses for the token. A drop to $0.093 is likely, and the same would invalidate the bullish thesis. 🔸 Aethir (#ATH ) While Aethir is a newly launched token, despite its strength, it has not conceded to the broader market trends. Trading at $0.066, ATH’s price is looking at consolidation over a decline. This consolidation range spans between $0.077 and $0.063. The altcoin, still a newcomer in the space, aims to facilitate DePIN’s role as a GPU cloud computing aggregator. Given DePIN’s considerable demand over the past few days, ATH is saved from losses. Nevertheless, if ATH’s price were to drop below the support of $0.063 again, a drawdown to $0.057 is likely. Losing it would invalidate the consolidation thesis. 🔸 Artificial Superintelligent Alliance (#ASI ) The Artificial Superintelligent Alliance is one of the biggest events in the AI sector this quarter. As Ocean Protocol (OCEAN) and SingularityNET (AGIX) merged into Fetch.ai (FET), their collective identity has been converted into ASI. They began the token merger this week and expect to complete it by mid-July. Until then, the Artificial Superintelligent Alliance will trade under the FET ticker. This altcoin, which now holds a market capitalization of almost $3 billion, has become the second biggest asset in the AI token market.
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🔥 Polkadot sees 33% transaction growth as DOT hits seven-month low 🔸#Polkadot ecosystem thriving Data from DotLake shows a 33% month-on-month increase in transactions within Polkadot’s ecosystem, rising to 16 million in June from 12 million in May. The growth was primarily driven by One Frequency, a Layer 1 blockchain enabling decentralized social apps, which saw a 3 million transaction increase to reach 5.4 million. Additionally, Mythos Chain, a gaming network associated with developer Mythical Games, processed about 800,000 transactions during the reporting period. Meanwhile, the number of unique addresses with non-zero balances on Polkadot rose slightly to over 7 million, up from 6.96 million in May and 6.8 million in April. DotLake commented: “Number of Unique Accounts was stable at 7 million with Mythos’ strong entrance bringing in 800,000 new accounts, and from what we hear of what’s to come, that’s just the tip of the iceberg.” Polkadot’s open governance platform, OpenGov, saw a 66% month-on-month increase in proposals, reaching 151. The platform allows DOT token holders to directly influence the network’s operations through different proposals focusing on marketing, and other network development. Furthermore, DotLake reported that Polkadot’s treasury assets comprise 26 million DOT, $3.9 million USDC, and 3.8 million USDT, totaling $167 million. Over the past week, concerns arose when reports suggested that the treasury only had a “two-year runway.” However, Polkadot stakeholders debunked this news, assuring that the treasury could never run out of funds as it was continually replenished. 🔸#DOT price briefly falls under $5 Despite Polkadot’s rising metrics, DOT’s price has struggled considerably amid the broader market trend. During the past day, Bitcoin, the bellwether digital asset, saw its price crash following heavy selling activity, triggering the fifth biggest realized loss since FTX collapsed in 2022.
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⭐️ With Bitcoin Falling, Are Altcoins the Next Best Bet? The cryptocurrency market is under overwhelming pressure as Bitcoin’s price experiences a significant drop. The once-dominant digital asset’s decline has sent shockwaves through the market. Amid this turmoil, however, an intriguing opportunity emerges. 🔸 LayerZero Eyes Bull Run With Over 188% Growth, Levels to Watch LayerZero (ZRO) is showing signs of strong resilience amidst broader market dumps. Trading between $2.78 and $3.86, it’s clear bulls aren’t backing down. The nearest resistance stands at $4.24, but if ZRO breaks this, it could surge to $5.32. With a one-month price change of over 188% and climbing RSI, bulls have a potential uptrend on their side. With the 10-day SMA at $2.94 and the 100-day SMA at $3.58, a steady rise is in sight. 🔸 zkSync (#ZK ) Primed for a Bullish Breakout Amid Market Uncertainty zkSync is showing promise with its price hovering between $0.16 and $0.19. Despite a recent dip of over 13% in the past week, the token has surged about 47% over the past month and six months. Bulls are not out of the game yet since the price is above a key 100-day average of $0.17. zkSync could rise to $0.21, and possibly to $0.24, marking a significant increase of over 40% from its current levels. The current indicators suggest a potential bullish breakout, similar to patterns seen in 2021. 🔸 Notcoin (#NOT ) Shows Promise Despite Recent Dips – Bullish Trends Ahead? Notcoin (NOT) has recently faced a slump, with prices dipping to between $0.0127 and $0.0165. Despite this, there’s a strong upside potential. The Relative Strength Index is low, suggesting a possible price surge. With a six-month gain of almost 400%, Notcoin could rise to the next resistance level at $0.0185 soon and maybe even touch $0.0224. These would mark significant gains of 10-30%. Factors like a low 10-day Simple Moving Average, support levels, and MACD trends hint that bulls may soon overpower the bears, bringing a period of growth for NOT.
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🤯 Opportunity in volatility: 'Don't panic, buy the dip,' says experts The significant market correction has raised concerns among investors, prompting fears of a deeper market downturn. However, seasoned experts advise against panic. A detailed analysis of Bitcoin’s (BTC) price movements reveals a compelling narrative for those who understand the opportunities within this volatility. Historical data shows that such drawdowns are a part of bull markets. Bitcoin’s history is marked by numerous corrections integral to the market’s long-term growth trajectory. Adam Back, founder and CEO of Blockstream, emphasizes the importance of zooming out to see the bigger picture during these market corrections. He highlights significant corrections in Bitcoin’s price over different periods, showing the extent of each correction from the previous high. Notable previous pullbacks include a -22.91% retracement over 21 days with a volume of 58.471K, and a -21.20% retracement over 42 days with a volume of 74.13K. The volumes associated with these historical pullbacks indicate strong selling pressures during these periods. Overall, while the depth of the current retracement aligns with typical market behavior, its duration of 45 days slightly exceeds the average, highlighting a marginally extended correction period. This analysis underlines the typical nature of market corrections in the BTC/USD cycle, providing valuable insights for traders and investors to understand and anticipate potential future movements. 🔸 Current market analysis and strategic opportunities Currently, Bitcoin is trading at $55,309, down 4.62% at press time. On the 4-hour chart, immediate support is at $53,140, with further support at $51,720 and $49,910. The Relative Strength Index (RSI) is at 17, indicating extremely oversold conditions. Historical trends suggest that these downturns are temporary and often followed by substantial recoveries. $BTC #BTC
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