AI Tokens Bounce Back Amid Broader Market Slump

AI-focused tokens like FET, AGIX, OCEAN, and ARKM defy the market slump with robust gains backed by solid technical indicators suggesting significant potential rallies.
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Key Insights

  • Despite a crypto market selloff, the AI sector has surged by 7%, with FET, AGIX, OCEAN, and ARKM leading the gains.

  • (FET) is the biggest gainer, with an 18% daily increase and a 39% weekly increase. Technical analysis predicts a possible 115% upswing.

  • SingularityNET (AGIX) has gained 13% on the daily and 38% on the weekly. Its chart pattern resembles FET's, hinting at a possible 120% increase.

  • Ocean Protocol (OCEAN) has risen 12% daily and 36% weekly; technical indicators point towards a likely 145% rally.

  • Arkham (ARKM) has climbed 13% daily and 29% weekly. Technical patterns hint at a possible 100% surge if it breaks above $2.

At the time of writing, there are no strong indications that the crypto market selloff is over.

We have significant cryptocurrencies like Bitcoin and Ethereum struggling at critical price levels.

Bitcoin, for one, is struggling with an impending slump below $60,000, and crypto market spectators continue to watch the charts.

However, amid the ongoing selloff, several crypto sectors are showing considerable strength compared to Bitcoin, with AI tokens being a prime example.

<div class="paragraphs"><p>The AI&nbsp; sector’s market cap</p></div>

The AI  sector’s market cap

According to data from CoinMarketCap, the AI sector has increased by around 7% over the last 24 hours, bringing its market cap to an impressive $29.8 billion, as shown in the snapshot above.

Let's review some of the biggest gainers in the market and what to expect from them in the future.

1. ($FET)

FET is by far the top gainer across the market's top 10 AI tokens, with an 18.16% price increase over the last 24 hours and an even more impressive 39.57% price gain from the previous week.

<div class="paragraphs"><p>FET’s price</p></div>

FET’s price

According to the chart below, the FET was initially bearish and was in the middle of a decline from March's $3.48 high with the megaphone pattern shown below:

<div class="paragraphs"><p>FET’s price action</p></div>

FET’s price action

The interesting thing about megaphone chart patterns is that they turn out as bullish chart formations in bearish trends and vice versa.

Considering how FET was initially in a bearish decline from this $3.48 local high, there is a good chance that the cryptocurrency will break and close above the $1.65 price level shown above.

If we see this breakout happen, FET might become poised to travel further upwards by 115% to $3.48 once again.

2. SingularityNET ($AGIX)

AGIX is less impressive than FET on the daily timeframe, considering how it has only advanced by around 13% over the last 24 hours before writing.

However, both remain on par with AGIX in the weekly timeframe, registering a 38.68% price increase.

<div class="paragraphs"><p>AGIX’s price</p></div>

AGIX’s price

Interestingly, in the charts, both AGIX and FET have the same megaphone pattern, as well as a slight break above an important resistance level—this time, $0.667 with AGIX as shown:

<div class="paragraphs"><p>AGIX in the charts</p></div>

AGIX in the charts

Similar to FET, if AGIX completes the first step of this rally by breaking and closing above $0.667, we might see the cryptocurrency increase by around 120% in the coming months.

3. Ocean Protocol ($OCEAN)

Ocean protocol is also impressive in most timeframes, with a 36% price increase in the last week and an 11.82% increase in the previous 24 hours.

<div class="paragraphs"><p>AGIX’s price</p></div>

AGIX’s price

According to the charts, $OCEAN is trading inside a descending wedge, as shown below, which is a temporarily bearish formation until a break to the upside occurs.

<div class="paragraphs"><p>$OCEAN’s price action</p></div>

$OCEAN’s price action

As shown above, Ocean is attempting to start and finalize a break above this formation.

This means that if we see a break and close above the $0.7 price level, the cryptocurrency will become primed for entry and a possible 145% rally to the $1.7 price level.

4. Arkham (ARKM)

Arkham's price has increased by around 13% over the last 24 hours and by a relatively smaller but still impressive 29.5% over the last week.

<div class="paragraphs"><p>Arkham’s price</p></div>

Arkham’s price

According to the charts, Arkham is trading on top of an ascending trendline, indicating great stability in price action.

<div class="paragraphs"><p>Arkham’s price action</p></div>

Arkham’s price action

The chart above shows that the cryptocurrency is already in the middle of a strong rebound from this ascending trendline and is even attempting to break above the psychological $2 resistance.

If we see price levels above $2 soon, the cryptocurrency will be set to travel further up to as high as $4 in an almost 100% price increase.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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