CTXC, OCEAN, GRT: Three altcoins setups amid World AI Cannes Festival hype

Cryptocurrency markets welcomed the World AI Cannes Festival on Thursday, an event opening the playground for over 50 projects in the artificial intelligence sector to showcase their latest update. With it, AI crypto coins rallied, with the Ocean Protocol and The Graph prices rallying while Cortex became an outlier with the most gains.

Also Read: AI coins Render, Akash Network, Fetch.ai rally on opening of World AI Cannes Festival

OCEAN, GRT, CTXCrally amid World AI Cannes Festival euphoria

Cortex (CTXC), the Ocean Protocol (OCEAN), and The Graph (GRT) prices are on a tear, outperforming their peers in the sector with 8%, 3%, and 2% gains respectively.

OCEAN/USDT 1-day chart, GRT/USDT 1-day chart, CTXC/USDT 1-day chart

It comes amid the buy the rumor sell the news situation, with the World AI Cannes Festival kicking off on Thursday. With it, volatility is expected among AI crypto coins as traders, investors and analysts alike all anticipate the next AI run.  

As Ekta Mourya, a reporter with FXStreet highlighted, Ethereum co-founder Vitalik Buterin recently remarked about the integration of AI with crypto, calling for caution. Nevertheless, the Russo-Canadian blockchain innovator underscored the potential for AI to help DAOs make subjective decisions. With this as a subtle endorsement, the sector could prove value adding to the crypto market.

Meanwhile, in a recent report, Santiment indicated that besides Real World Assets (RWAs), AI is projecting to become the next crypto market driver. The report cited “increased crowd interest over the past six months.”

Indeed, the intersection between crypto, AI, and gaming continues to be a fascinating and largely untapped design space, with a aJPMorgan study of over 4,000 institutional traders,showing  most participants see AI and machine learning to be most influential technology in shaping the future of trading. If there is truth to this finding, Santiment’s analysis of AI projecting to be the next market driver could come sooner than expected. 

CTXC, OCEAN, GRT, price outlooks

CXTX traders should exercise caution as the token is already overbought, considering the Relative Strength Index (RSI) position above 70. Those looking to open new long positions should be overly cautious. Those with current open positions should consider leaving them open as the northbound inclination of the RSI shows momentum is still rising and Cortex price could record more gains. 

With a strong presence of bulls in the GRT and OCEAN markets, evidenced by the position of the Moving Average Convergence Divergence (MACD) in positive territory, the odds favor the upside. This is also seen in the position of their respective RSI indicators above 50 but below 70. There is still more room to cover before either of the two AI crypto coins are considered overbought. 

For Ocean Protocol, a looming death cross calls for caution. This is when a short-term moving average (50-day SMA in this case) crosses below a long-term MA (100-day SMA). Considering short-term indicators bear less weight the potential death cross hints at a possible short-term bear market incoming in the Ocean Protocol price. Traders should watch for high trading volumes to reinforce the indicator.