AI-Based Altcoins Set to Experience 50x Surge as Popularity of Meme Coins Declines
AI coins have been making impressive gains in the cryptocurrency market, with Sleepless AI leading the charge with a nearly 50% increase in just 36 hours. While Bitcoin has been dominating the market recently, AI tokens are now grabbing attention once again as Bitcoin’s momentum slows down.
Despite the market turbulence caused by Bitcoin’s fluctuations, AI coins have not only recovered from their losses but have also surpassed their pre-crash levels. Sleepless AI’s rally is a clear example of this, indicating a bullish outlook for AI tokens as a whole.
Looking at Sleepless AI’s price action, it broke out from a consolidation phase on March 6, resulting in a significant uptick. Currently trading around $2.13, the token may experience a pullback to a stable support level of around $1.94, presenting a potential entry point for investors looking to capitalize on the expected rebound.
Technical indicators, such as the 12-hour Relative Strength Index (RSI) and the Awesome Oscillator, are also pointing towards a bullish momentum, further supporting the case for a bounce after the anticipated pullback.
However, it’s important to note that the bullish outlook for Sleepless AI comes with potential risks. If Bitcoin’s price continues to decline, it could undermine the positive sentiment and invalidate the thesis. In such a scenario, a breach of the $1.42 support level could trigger a significant downturn, with the next key support level at $1.26.
AI coins have had a stellar year in 2024, emerging as top performers in the crypto market. Tokens like Worldcoin, Fetch.AI, and SingularityNET have experienced significant value surges, contributing to the overall bullish trend in the AI-based coin market. Other AI coins like Balance AI, Octavia, and Chacedot have also seen notable gains.
The rise of AI coins can be attributed to the launch of OpenAI’s Sora and the announcement of a $7 trillion-dollar raise by Sam Altman. Additionally, NVIDIA’s strong earnings and its contribution to AI development through chip production have positively influenced the AI crypto market. The total market cap of AI coins currently stands at $23 billion.
If you’re looking to invest in AI coins, Sleepless AI is certainly one to consider. However, be mindful of the potential risks and the impact of Bitcoin’s price on the market.