Cardano-based synthetic intelligence market SingularityNET (AGIX) has seen its worth rise by 11% within the final 24 hours, making it at the moment’s high performer within the high 100 cryptocurrencies by market cap. The sudden rally began shortly after rumors surfaced that Elon Musk needs to construct a ChatGPT competitor.
Because the 4-hour chart beneath exhibits, AGIX has seen a large inexperienced candle of near 30%, earlier than the beneficial properties had been worn out largely by an equally huge 4-hour candle. Nonetheless, the token worth is up 11% within the final 24 hours of buying and selling.
Right here’s Why AGIX Is Rallying
The AGIX rally comes at a time when Twitter and Tesla CEO Elon Musk has been musing out loud on Twitter in regards to the risks of synthetic intelligence (AI). Two days in the past, Musk wrote:
However, all issues thought-about with regard to AGI existential angst, I would like to be alive now to witness AGI than be alive prior to now and never. […] Having a little bit of AI existential angst at the moment.
About 12 hours in the past, on the identical time that AGIX’s worth began to soar, a rumor surfaced that Elon Musk is trying to develop a ChatGPT competitor. In an unique report, The Data reported that Musk has created a brand new AI analysis lab led by Igor Babushkin, a researcher who not too long ago left Alphabet’s DeepMind AI.
The report relies on two folks with direct information of the hassle and a 3rd individual with information of the talks. In accordance with the statements, the lab’s predominant focus is to develop a substitute for ChatGPT.
Supply: @nonmayorpete & @theinformation https://t.co/uTJmOSwVyA
— Rowan Cheung (@rowancheung) February 28, 2023
Whereas SingularityNET clearly has nothing to do with Elon Musk’s initiative, at the moment’s pump is emblematic of the “AI narrative” that has seen AI-focused tokens rise dramatically in worth in January by means of early February because of the hype surrounding ChatGPT by OpenAI.
Worth Rejected At Essential Resistance
The AGIX worth rally ended abruptly on the $0.55 resistance and initiated a bounce down south to $0.4488. Since then, nevertheless, AGIX has once more picked up steam and is recording an upward pattern.
So long as the SingularityNET token holds above $0.37, the worth continues to be in bullish territory. To the upside, resistance at $0.551, $0.605, and $0.667 are key. A every day shut above the $0.55 resistance can be massively bullish and produce the all-time excessive within the $0.67 space again into focus.
Featured picture from SingularityNET, Chart from TradingView.com