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Cryptocurrency News Articles
Crypto Market Swings as Bitcoin Tests Resistance, AI Tokens Surge
May 10, 2024 at 06:02 pm
Amidst market volatility, Bitcoin remains uncertain near $62,000, while the AI sector exhibits strong bullishness. The Graph (GRT) and Akash Network (AKT) stand out with significant price surges. GRT approaches a critical resistance level in a symmetrical triangle pattern, while AKT rallies as the top gainer among top 100 tokens, aiming for $6.20 resistance.
Crypto Market Exhibits Volatility with Bitcoin Hovering Near Resistance Level
Amidst ongoing volatility in the cryptocurrency industry, the market has displayed a mix of bullish and bearish sentiments. Bitcoin, the leading digital asset, continues to fluctuate around its key resistance/support level of $62,000, signaling uncertainty in its future price trajectory.
Artificial Intelligence Tokens Surge Amidst Bullish Sentiment
In contrast to the wider market, the Artificial Intelligence (AI) sector has exhibited a strong bullish trend. Top AI tokens have experienced significant gains, including The Graph (GRT) and Akash Network (AKT).
The Graph (GRT) Price Analysis
The GRT token has demonstrated notable bullish momentum, surging by 76% in its 24-hour trading volume to reach $175.346 million. As a result, GRT has gained 12.70% in value over the past day and an impressive 21.94% in the last seven days.
Technical analysis of GRT indicates the formation of a symmetric triangle pattern on the 1-day time frame. The price is currently approaching its resistance trendline, with the potential for a breakout or a pullback. Furthermore, the Cross EMA 50/200-day shows a bullish convergence, suggesting strong upward pressure.
The Moving Average Convergence Divergence (MACD) indicator displays a consistent rise in the green histogram, signifying increased buying pressure. Additionally, the averages indicate a bullish pattern, suggesting continued growth in the value of the GRT token.
If the bulls succeed in breaking out of the symmetric triangle pattern, GRT could attempt to challenge its resistance level of $0.3550 by this weekend. However, if the bears gain control, the price may descend towards its support trendline.
Akash Network (AKT) Price Analysis
AKT has emerged as the top gainer among the top 100 cryptocurrencies in the past 24 hours, surging by approximately 20%. The token has also gained 37.66% over the past week and an impressive 136.20% year-to-date, indicating a positive outlook.
Analysis of the AKT price on the 1-day time frame reveals a continuous green histogram in the MACD indicator, highlighting the dominance of bullish sentiment. Additionally, the averages show a significant uptrend, suggesting a bullish outlook for the AI token in the near term.
If AKT sustains its bullish momentum, it could attempt to test its resistance level of $6.20 within the coming days. Conversely, a bearish reversal could result in a pullback towards its lower support level of $4.23 this month.
Conclusion
While the crypto market continues to exhibit volatility, AI-focused tokens like GRT and AKT have demonstrated strong bullish potential. The technical analysis of these tokens suggests the possibility of further gains in the upcoming week. However, investors are advised to exercise caution and conduct thorough research before making any trading decisions.
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!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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