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Top 3 AI Altcoins of the First Week of June 2024
As the altcoin market extends its rally from last month, three artificial intelligence (AI) tokens have emerged as significant gainers in the first trading week of June.
These assets include TokenFi (TOKEN), HyperGPT (HGPT), and Bad Idea (BAD), all of which appear poised to keep rallying during 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. In the past seven days, TOKEN’s price has climbed by over 27%. At press time, the altcoin exchanged hands 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 (RSI) was in an uptrend at 70.43.
Its Money Flow Index (MFI) was 76.44, following a similar path. RSI and MFI are momentum indicators traders use to gauge an asset’s price momentum 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’s price may rally past the $0.17 level to exchange hands at $0.183.
Read more: 13 Best AI Crypto Trading Bots To Maximize Your Profits
However, if profit-taking activity ensues and the bears re-emerge to regain market control, TOKEN might shed some of its gains in the last week and dip to $0.152.
HyperGPT (HGPT) Breaks Above 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 in the past seven days. Exchanging hands at $0.07774 at press time, HGPT’s value has grown by 28% during that period.
The uptick in HGPT demand pushed its price above the 20-day Exponential Moving Average (EMA) on 3 June. An asset’s 20-day EMA tracks its average price over the past 20 days.
When the price trades above this key moving average, it is a bullish signal. This means the asset’s current price has surged past its average price in the past 20 days. Traders view it as a shift toward coin accumulation.
Readings from HGPT’s Directional Movement Index (DMI) confirmed the surge in accumulation in the past few days. Its positive directional index (green) rests above its negative index (red).
This indicator measures an asset’s price direction and the strength of its current trend. When the positive index crosses above the negative index, it indicates a bullish trend. It suggests that buying pressure outweighs selling pressure and that the strength of the bulls is more than that of the bears. It is often regarded as a precursor to an asset’s price rally.
If this trend is maintained, HGPT may trade at $0.082 and attempt to reclaim its all-time of $0.108, which it recorded on March 29.
However, if this projection is invalidated and selling pressure mounts, causing the bears to overpower the bulls, HGPT’s value may drop to $0.075.
Bad Idea (BAD) is Not So Bad
Described as a “decentralized experiment that combines blockchain, AI, and decentralized autonomous organizations (DAOs) in a risky, meme-worthy concoction,” Bad Idea is powered by its BAD token, whose value has risen by 24% in the last week.
As of this writing, this altcoin traded at $0.00000003035. Its Chaikin Money Flow (CMF) was spotted in an uptrend and above the zero line at 0.13.
This indicator measures an asset’s buying and selling pressure to track how money flows in and out of the market.
When its value is above zero, it shows market strength. It means that buying pressure is stronger than selling pressure, as more money flows into the asset than out of it.
If BAD buyers maintain this trend, its price might climb to $0.0000000032.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
However, if sell-offs gain pressure at this level, BAD may lose some of its weekly gains to exchange hands at $0.0000000029.
Disclaimer
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