5 Artificial Intelligence (AI) Tokens to Watch in June 2024
The world of artificial intelligence (AI) is rapidly evolving, and the integration of blockchain technology is fueling a new wave of innovation known as AI tokens.
These tokens power various projects aiming to revolutionize how AI is developed, accessed, and utilized.
Exploring AI Tokens: Technical Outlook for Bittensor, The Graph, and More
This analysis dives into the exciting world of AI tokens, exploring some of the leading players like Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX), Ocean Protocol (Ocean), and Fetch.ai (FET).
We’ll analyze their technical outlook using the Ichimoku Cloud indicator to see if these projects’ current hype translates to potential buying opportunities.
Bittensor (TAO)
Bittensor aims to create a decentralized network for machine learning. It is a peer-to-peer network where users can create, train, share, and trade machine learning models, fostering a collaborative AI environment.
Bittensor aspires to form a collective intelligence like a global brain by connecting various models globally. Utilizing blockchain technology built on the Substrate framework, Bittensor ensures a secure, transparent, and censorship-resistant platform.
Technical Outlook
TAO experienced a sharp correction, which still continues. The drop below $410 is a bearish signal since the $410 line represents a flat Ichimoku baseline plateau.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
This could lead the price to continue the downtrend to $335. Buying TAO at these price levels is interesting. A break above $410 could lead TAO to reach the Ichimoku cloud, which is located between $480 and $550.
The Graph (GRT)
The Graph makes blockchain data accessible by acting as an intermediary, allowing AI developers to easily search for, find, and retrieve relevant data from blockchains. This data is essential for training AI models across various fields, such as financial analysis, supply chain management, and creative applications.
Technical Outlook
GRT is down 40% from its local high of $0.49. The price currently trades inside the daily Ichimoku cloud, which ranges between $0.26 and $0.34, an important zone to watch.
Breaking above $0.34 could lead to the price appreciating and reaching the important resistance zone at $0.36, which has proven to be a significant price line for GRT.
Read More: The Graph (GRT) Price Prediction 2024/2025/2030
Buying GRT at these levels or lower could be advantageous. A break below the Ichimoku cloud could incentivize a further ongoing correction. Monitoring the cloud could be a good strategy to determine where to buy GRT.
SingularityNET (AGIX)
SingularityNET is a blockchain-based AI marketplace. It allows developers to create and share AI services, monetize their expertise by earning AGIX tokens, and users to find and use specific AI solutions.
Technical Outlook
AGIX is currently trading at the lower boundary of the daily Ichimoku cloud, indicating potential price indecision. If the price drops below the Ichimoku cloud, it could signal bearish momentum and push the price down to $0.84. Should the price break below the $0.84 support level, it could further decline to $0.65.
Buying AGIX between $0.84 and $0.65 might be a good investment entry point. Conversely, if the price moves above the cloud, this could indicate a trend reversal and an increase in price to the $1 resistance level, which marks the upper boundary of the cloud.
A breakout above this level could signal a bull run, driving AGIX to a local high of $1.46.
Ocean Protocol (OCEAN)
Ocean Protocol creates a secure and open marketplace for data sharing and monetization. It facilitates transactions using blockchain technology, allowing data owners to create tokens (DATs) representing access rights to their data. This enables controlled sharing and pricing while enhancing privacy and security.
Technical Outlook
Ocean’s price took a hit during a recent Bitcoin correction. When Bitcoin fell from $73,000 to $56,000, Ocean dropped from $1.60 to $0.62, representing a significant decrease of 62%. Currently, Ocean is trading at $0.88, right at the bottom of the daily Ichimoku Cloud.
A break below the Ichimoku Cloud could trigger significant selling pressure, pushing the price down to the key support level of $0.80. If that level breaks, Ocean could fall further to its previous low of $0.62.
However, considering Bitcoin’s recent performance, buying Ocean at these levels could be an attractive option for long-term investors.
Fetch.ai (FET)
Fetch.ai combines AI and blockchain to create an autonomous agent economy. It envisions a future where software agents represent individuals, organizations, and devices interacting on a decentralized network.
Fetch.ai provides developers with tools to build agents with specific capabilities, ensuring secure and transparent interactions within its ecosystem. The native token, FET, is used for transactions within the network, including agent communication and data access.
Technical Outlook
Fetch.ai’s (FET) price is currently testing a crucial support level, attempting to break below the Ichimoku Cloud on the daily chart. If this downward trend continues and FET fails to revisit the cloud’s lower boundary, a further price decline to $1.8 is possible.
This $1.8 level acts as significant support and a break beneath it could trigger a steeper drop to $1.5.
However, this price range between $1.5 and $2 for long-term investors could present a good buying opportunity. Despite the volatility inherent to FET, a potential upside exists if Bitcoin manages to break its all-time high of $73,800, which could lead to a swift recovery in FET’s price.
Conclusion: Long-Term Potential and the Bitcoin Factor
The AI token market presents a fascinating opportunity for investors with a long-term perspective. These projects are at the forefront of a technological revolution that could reshape various industries. While short-term volatility is to be expected, successful AI projects have the potential to generate significant returns for investors who believe in their long-term vision.
Here’s where Bitcoin comes in. The cryptocurrency market often exhibits a domino effect, with Bitcoin’s price movements influencing the prices of altcoins, including AI tokens.
Read More: 4 Biggest Crypto Predictions for June 2024
A potential surge in Bitcoin’s price, especially towards the often-discussed $100,000 mark and beyond during a bull market, could catalyze significant gains in the AI token space.
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