AI tokens INJ, AGIX rally by 30% in a week ahead of ChatGPT creator’s developer conference
- Artificial Intelligence tokens have seen notable increases in the past week and are expected to continue this run.
- The likes of Injective (INJ), SingularityNET (AGIX) and Ocean Protocol (OCEAN) have risen by 30% in the last seven days.
- ChatGPT creator OpenAI organized a developer conference, OpenAI DevDay, which is expected to serve as a bullish catalyst.
The reign of Artificial Intelligence tokens peaked in Q1 this year after ChatGPT thrust the technology into the limelight. However, since Q2, not only has the bullishness subsided, but the demand has too, resulting in the cryptocurrencies losing their value. This is likely going to change over the next few days as the company behind ChatGPT is potentially going to reignite the AI fire.
Artificial Intelligence powered by ChatGPT
OpenAI, the company that made artificial intelligence’s most successful use-case product, ChatGPT, is set to hold its first-ever developer conference on November 6. The OpenAI DevDay is set to welcome hundreds of developers from around the world to preview new tools and exchange ideas.
While OpenAI DevDay is not the first developer conference, as many such conferences are set to be held throughout November, it is the only of its kind, i.e., held by an AI-focused company. Thus, the impact of Artificial Intelligence-focused cryptocurrencies is also expected to be significant.
Some signs of this have already been visible in the AI tokens’ price action over the past week. The rallies of cryptocurrencies such as Injective (INJ), SingularityNET (AGIX) and Ocean Protocol (OCEAN) come to mind. Render (RNDR) was majorly fueled by Bitcoin’s rally as well as the anticipation for the upcoming conference.
Some tokens, such as AGIX, noted a rally extending beyond 30%. If the OpenAI conference ends up being as successful as it is being touted, the AI tokens might see rises over the coming days. However, since this development is not as substantial to these tokens as a network update would be, expect this conference to be a sell-the-news event.
AGIX price to leave a mark
AGIX price has witnessed a rise of 30.6% in the past week, which resulted in the altcoin securing the 50, 100 and 200-day Exponential Moving Averages (EMAs), all of which act as crucial support levels. But beyond these lines, it also reclaimed a critical price point that has been acting as a barrier since July.
Trading at $0.2387, AGIX price is hovering above the resistance turned support level of $0.2324. If this level is confirmed to be a support floor, a rise is on the cards, and another rally boosted by the aforementioned conference could send AGIX toward $0.2739.
This level marks the 38.2% Fibonacci Retracement from $0.4597 to $0.1594, and securing it into a support floor will engender a bullish outlook.
AGIX/USD 1-day chart
Plus, despite theRelative Strength Index (RSI) being in the overbought zone, AGIX is not signaling a trend reversal as the altcoin has persisted in this area for a while in the past. At the beginning of the year, the RSI hovered above 80.0 for 12 days, giving AGIX price enough time over the next few days.
If the bullish outlook does not pan out though and AGIX price loses the support of $0.2324, falling through the EMAs, the bullish thesis would be invalidated. This will leave the altcoin vulnerable to a decline below $0.2000
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
