Altcoins
Top 3 AI Altcoins for the first week of June 2024
As the altcoin market continues its recovery from last month, three artificial intelligence (AI) tokens emerged as significant gainers during the first trading week of June..
These assets include TokenFi (TOKEN), HyperGPT (HGPT), and Bad Idea (BAD), all of which appear poised to continue rallying over the weekend.
TokenFi (TOKEN) Sees Increased Demand
TOKEN is the cryptocurrency that powers TokenFi, the protocol allowing its users to create tokens or tokenize real-world assets. Over the past seven days, the price of TOKEN has risen by more than 27%. At press time, the altcoin was trading at $0.17.
An assessment of the token’s price movements on a daily chart confirmed that buying activity continues to outpace profit-taking among TOKEN holders. As of this writing, its relative strength index (ROI) was in an uptrend at 70.43.
Its Money Flow Index (MFI) was 76.44, following a similar trajectory. RSI and MFI are momentum indicators that traders use to assess the price momentum of an asset and identify potential buying and selling opportunities. At these values, these indicators showed that TOKEN buying pressure was significant.
If the bulls maintain this trend, TOKEN price could surpass the $0.17 level to trade at $0.183.
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TokenFi analysis. Source: Trading View
However, if profit-taking activity ensues and the bears re-emerge to regain control of the market, TOKEN could lose some of its gains from last week and fall to $0.152.
HyperGPT (HGPT) Surpasses Key Moving Average
HGPT is the native token of HyperGPT, a Web3 AI marketplace. It ranks as the second AI crypto with the most gains over the last seven days. Trading at $0.07774 at press time, HGPT’s value has increased by 28% during this period.
Rising demand for HGPT pushed its price above the 20-day exponential moving average (EMA) on June 3. An asset’s 20-day EMA tracks its average price over the past 20 days.
When price trades above this key moving average, it is a bullish signal. This means that the current price of the asset has exceeded its average price over the last 20 days. Traders see this as a move towards coin accumulation.
HGPT Directional Movement Index (DMI) readings confirmed the sharp increase in accumulation over the past few days. Its positive directional index (green) is above its negative index (red).
This indicator measures the price direction of an asset and the strength of its current trend. When the positive index exceeds the negative index, it indicates an upward trend. This suggests that buying pressure is greater than selling pressure and the strength of the bulls is greater than the bears. He is often considered a pioneer the increase in the price of an asset.
If this trend continues, HGPT could trade at $0.082 and attempt to reclaim its all-time high of $0.108, which it recorded on March 29.
However, if this projection is invalidated and selling pressure increases, causing the bears to dominate the bulls, The value of HGPT may fall as low as $0.075.
Bad idea (BAD) is not so bad
Described as a “decentralized experiment combining blockchain, AI, and decentralized autonomous organizations (DAOs) into a risky, meme-worthy concoction,” Bad Idea is powered by its BAD token, which has increased in value by 24% in the past week.
At the time of writing, this altcoin was trading at $0.00000003035. Its Chaikin Money Flow (CMF) was spotted in an uptrend and above the zero line at 0.13.
This indicator measures the buying and selling pressure of an asset to track how money is moving in and out of the market.
When its value is greater than zero, it shows the strength of the market. This means that the buying pressure is stronger than selling pressurebecause more money goes into assets than goes out.
If bad buyers continue this trend, its price could rise to $0.0000000032.
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However, if the selling deepens at this level, BAD could lose some of its weekly gains to trade at $0.0000000029.
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