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Cryptocurrency News Articles
CorgiAI's Steep Dive Sparks Concerns Amidst AI Hype
May 07, 2024 at 08:42 pm
CorgiAI has been experiencing a sharp decline since March, with a significant drop in trading volume. Despite the growth of the AI industry, the CORGI price has underperformed, falling below key moving averages and facing resistance at 0.00144. The bearishness has raised concerns about the divergence between the coin's performance and the AI sector's development.
CorgiAI's Steep Decline Raises Concerns Amidst AI Hype
New York, NY - The cryptocurrency market has witnessed a concerning decline in the value of CorgiAI since March, with the negative trend persisting on Tuesday despite a significant drop in trading volume. At the time of writing, CORGI has plummeted to $0.00141, marking a 0.65% drop in the intraday session.
This bearish sentiment has inflicted significant losses on holders, fueling widespread Fear, Uncertainty, and Doubt (FUD) surrounding the coin that once rivaled PEPE in meme coin rankings. CorgiAI's price has now fallen to a staggering 85% below its all-time high set on March 2, underscoring the severity of the selloff.
Technical analysis paints a grim picture for CORGI. Its price action has fallen below key moving averages, including the 50 SMA (0.0020) and 21 SMA (0.0061). This weakness in momentum has left investors apprehensive, especially considering the coin's initial purpose as a supporter of the artificial intelligence (AI) industry.
However, the divergence between CorgiAI's performance and the broader AI industry's rapid development is particularly concerning. Despite the AI sector's burgeoning popularity, multiple AI-driven tokens have failed to meet the hype, raising questions about the sustainability of meme coins built solely on the AI narrative.
Furthermore, CORGI has largely diverged from the rest of the cryptocurrency market, making it challenging to identify any potential sources of momentum. While Bitcoin, the market bellwether, has rebounded above the psychologically significant $60,000 level, hinting at a potential rally, CORGI remains in a state of decline.
This divergence amplifies the significance of a potential return to the upside by CORGI. Such a move could serve as a key indicator of an impending reversal in the coin's fortunes.
Technically, CorgiAI faces resistance at $0.00144, with its first support level at $0.00142. The Relative Strength Index (RSI) is bearish-leaning, suggesting the sellers maintain control. A continuation of this trend could result in a breach of the first support and a potential test of $0.00139. Conversely, a move above $0.00144 would favor the buyers, potentially building momentum to challenge the resistance at $0.00146. Breaking this resistance could pave the way for a test of $0.00149.
The recent decline in CorgiAI's price has raised concerns among investors, particularly amidst the hype surrounding the AI industry. The coin's divergence from the broader market and its failure to live up to AI-driven expectations have created a sense of uncertainty that may continue to weigh on its value in the short term.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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