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The cryptocurrency market is simmering away, waiting for a sharp breakout that will propel it into a new bull run. AI could lead the charge.
Bitcoin breakout soon?
Those who experienced previous bull markets may say that the crypto space is a trifle boring right now. Yes, bitcoin did rise over 100% since the beginning of the year, but apart from the odd surge up or down, it has generally moved sideways.
A downward trendline has formed for bitcoin since its high for this rally earlier in April. On the weekly time frame there have now been 4 touches of this line so a breakout could be on the cards for next week as long as the price stays around the current level of $29,000.
AI narrative remains strong in crypto
Looking at the altcoins, it can be noted that for several of them the higher, weekly time frame Stochastic RSIs are either at the bottom, or are close to coming down and resetting.
It might be further noted that of these coins, several of them are AI-related. It must be remembered that some of the AI (artificial intelligence) coins were among the best performers over the whole of this latest crypto rally which topped in early February.
$AGIX was the most successful among them. From lift-off on January 2 of this year, $AGIX rose 1,370% in only 6 weeks. Since that time it has drifted sideways and down, coming down to almost touch the 61.8 Fibonacci level.
$AGIX has nearly come back down to this level again, which has good support, formed back in 2021, with the added attraction that the weekly time frame Stochastic RSI is at the bottom and just waiting for a cross up.
Fetch.ai ($FET) was another bright star of the AI altcoins. $FET achieved 520% over the same time period as $AGIX, but if one was to take into account that it started its surge back in November then this would give it a rise of 1,060%.
One further AI-related altcoin that could start another surge soon is Alethea Artificial Liquid Intelligence ($ALI). Since the beginning of the year this coin surged 1,171%, but like $FET, if you take it from the low, it rose over 1,900% since early November.
It must be noted that many factors need to be taken into account before trading any cryptocurrencies. World financial markets and new regulatory impositions are also part of this.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.