Share:
  • 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

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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

BTC soared to an intraday high of $64,000 before a quick correction. Amid excessive trading, Coinbase exchange crashed with users reporting zero balance. Coinbase acknowledged the incident, committing to resolve the matter.

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP