As the crypto bull market sputters into action one niche that looks strong right now is crypto AI.
Bitcoin makes it possible
Bitcoin has broken out of its slow grind to the downside, and positive price action saw the king of the cryptocurrencies correcting back to the upside from last Thursday, culminating in a strong green candle on Sunday that took bitcoin back above $28,000.
While bitcoin has been doing its part in regaining lost momentum for the crypto sector, a certain niche within crypto looks to be the one to lead the rest into the next crypto bull market – economic factors allowing.
AI is a strong crypto niche
This is the niche of artificial intelligence (AI). Obviously, in the traditional financial world outside of crypto, AI is just about the strongest narrative there is, with the likes of ChatGPT becoming even more powerful, and other competitors now coming into the AI field.
Artificial intelligence has its own niche within crypto with the likes of data marketplaces, graphic rendering, and the utilisation of global computing power providing compelling use cases.
The crypto sector has already experienced how AI can drive the industry forward, given that from early January it did just that by hugely outperforming all other niches in crypto.
The likes of SingularityNET (AGIX), Fetch.ai (FET), and Ocean (OCEAN) made gains of 1400%, 575%, and 400% respectively from the beginning of 2023, and made those gains in only around five weeks. Render (RNDR) is another cryptocurrency that is becoming a giant in the AI niche, putting on 445% for the same period, but increasing that to 635% from early March until now.
AI crypto coins with potential to go much higher
There are various other AI coins in the niche that are also primed to break out and potentially storm higher over the next few weeks and months, as long as sufficient liquidity remains in the crypto sector.
Matrix AI (MAN) put on nearly 1300% since mid November of 2022, and following a 76% correction it looks primed to move higher again. MAN broke through a trend line going back to mid March earlier today. It has since come back to retest this line so it will be interesting to see if it now moves higher.
Artificial Liquid Intelligence (ALI) was another powerfully thrusting AI crypto and gains of 1230% were an excellent return for only five weeks. A deep, nearly 85% correction followed, and now ALI has woken up and has broken up through the downward trendline in force since its top in early February this year. A retest of the trendline has already taken place and ALI has seen a cross up from the bottom on the large weekly timeframe of the Stochastic RSI momentum indicator. This coin may have the potential to go much higher now.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.