Kategorie: Crypto Analysis

• Elon Musk, the richest man on earth, has started a new AI company.

• Nvidia made a $50 million investment in a biotech company using AI.

SingularityNET price jumped sharply on Thursday as investors reacted to the latest investments in artificial intelligence (AI). AGIX, the network’s token, jumped to a high of $0.2640, the highest level since July 3rd. 

AI investments rising 

Artificial Intelligence has been a major theme this year as investors cheer the launch of key projects like OpenAI’s ChatGPT and Google’s Bard. As a result, most companies with an exposure to artificial intelligence like Nvidia and C3.ai have done well this year.

There are two main reasons why AGIX and other AI cryptocurrencies are rising. First, Elon Musk, the richest man in the world, announced that he had launched a new AI company known as X.ai. 

Details about what the company will do and how it will work are still thin. Still, analysts believe that the company will seek to build a better AI model than ChatGPT and Bard. 

Elon Musk has a long history with AI. For one, he was one of the initial funders of OpenAI. Also, a company like Tesla uses some AI features already. Therefore, investors believe that his involvement will lead to more growth in the industry.

Second, AI coins and stocks jumped after Nvidia announced a $50 million investment in Recursion, a biotech company. Recursion will use Nvidia’s cloud platform to handle over 23 petabytes of biological data. This is a sign that there are still more demand for the AI financial assets.

SingularityNET price forecast

The 4H chart shows that the AGIX crypto price has made a strong bullish trend in the past few days. It has moved above the important support level since June 20th. The coin has moved above the 25-period and 50-period moving averages. It is also approaching the important resistance level at $0.2693, the highest point on July 3rd. 

Meanwhile, the token seems like it has formed a head and shoulders indicator while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, a move above the right shoulder level of $0.26 will invalidate the bearish view. A move above the resistance at $0.2693 will lead to more upside, with the target being at $0.30.

The post SingularityNET’s AGIX price outlook as AI investments rise appeared first on CoinJournal.

• The US published weak jobs and inflation data this month.

• The Fed could now hike rates less times than expected.

• A dovish tone could be a good thing for Chancer and other cryptocurrencies.

American stocks jumped to a multi-month high while the US dollar index slipped to the lowest level since April 2022 on Thursday. Similarly, US bond yields and the CBOE VIX index turned red after the US published encouraging inflation data. These numbers, coupled with last week’s soft jobs data, could have an impact on cryptocurrencies, including Chancer.

US inflation and jobs data

The US published mixed jobs numbers last week. A report by ADP showed that the American economy added over 400k jobs in June, the highest figure in years. A separate report by the statistics bureau revealed that the country’s economy added over 209k jobs during the month.  The official report was relatively soft than expected.

The US then published soft consumer inflation data on Wednesday. According to the Bureau of Labor Statistics, the headline consumer price index (CPI) dropped from 4% in May to 3.0% in June. Core inflation also continued falling during the month.

Therefore, inflation is moving near the 2% target rate and this trend could happen faster than expected. For one, global shopping costs have plummeted while China has moved close to deflation. China is a big exporter to the United States.

These numbers will have an impact on all financial assets because of their impact to the Federal Reserve. Most economists now believe that the Fed will deliver another 0.25% rate hike this month and then pause indefinitely. In a note, an analyst at Point72 said:

“What we’re seeing is consistent with the market scaling back tightening expectations for after the July meeting, but it doesn’t seem that it should be pricing in scope for rate cuts this year.

A change of tune by the Fed will be a good thing for assets like stocks and cryptocurrencies. 

Chancer token sale continues

Another big crypto news of the week is that Chancer developers introduced more ways to buy the token. In addition to BUSD, the developers added Ethereum, Tether (USDT), and Binance Coin as options to buy the token. This is an important move because it gives users diverse ways to invest in the token.

🚀💎 The moment you’ve been waiting for is here! 🌟💸

You can now purchase $CHANCER using $ETH, opening up a whole new world of possibilities! 💥🔥

Get in on the action, secure your tokens, and ride the wave to incredible profits! 🌐💰

🤑BUY HERE: https://t.co/iHffMmdhCk pic.twitter.com/ppSxsDQfrQ

— Chancer.com (@ChancerProject) July 12, 2023

Chancer’s token presale is going on well. For one, thousands of people have already bought the token, bringing the total amount raised to over $748k. The total amount of Chancer token sold stands at over 74 million.

For starters, Chancer is a platform that seeks to disrupt the sports betting and prediction market using the blockchain technology. It is a global platform that will make it possible for people to bet on international sports using cryptocurrencies.

At the same time, Chancer will enable any member to create their own markets and livestream them using the platform’s tools. For example, a user can create a market of a local game and then let a global audience bet on it. The user will take a cut of all the amounts placed in that market.

Chancer is now selling tokens as the developers prepare to launch the testnet in the coming months. You can buy the $CHANCER token here. Also, you should read the Chancer white paper to know more about the project, Most importantly, we recommend that you excise caution when investing in Chancer and other token presales.

The post Fed rate hikes to peak as inflation cools: Implications for Chancer appeared first on CoinJournal.

• Atlantic Equities downgraded Coinbase stock to “neutral” on Wednesday.
• Cathie Wood also trimmed her stake in the crypto exchange today.
• Coinbase stock is currently up more than 150% versus the start of 2023.

Investors should pull out of Coinbase Global Inc now that it’s rallied more than 150% since the start of this year, says Simon Clinch – an Atlantic Equities analyst.

Coinbase stock has downside to $80

On Wednesday, Clinch downgraded the crypto exchange to “neutral”. His $80 price target warns of a 10% downside from its previous close.

In his research note, the analyst cited valuation and ongoing regulatory scrutiny as reasons for turning dovish on Coinbase stock.

The risk/reward looks less attractive at this level given continued regulatory challenges ahead and the surprisingly weak volume backdrop.

The Securities and Exchange Commission sued Coinbase Global Inc last month for violating the U.S. securities laws. The Nasdaq-listed firm also added an instant messaging feature to its wallet on Wednesday.

Cathie Wood trims her stake in Coinbase

Clinch recommends moving to the sidelines in Coinbase stock also because the USDC market cap has declined which will affect the company’s interest income.

With these factors in mind, we’re concerned the outlook for rest of FY23 may have deteriorated incrementally despite strength in crypto asset prices over the past month.

Coinbase Global Inc is expected to lose 84 cents a share in its current financial quarter versus $4.95 per share a year ago.

Also on Wednesday, famed investor Cathie Wood trimmed her stake in the crypto exchange. Her flagship Ark Innovation ETF sold 135,152 shares of Coinbase for roughly $12 million.

The post Coinbase stock could see a near-term pullback – analyst says appeared first on CoinJournal.

• Phase 2 of AltSignals presale is 50% sold out

• The token’s demand has been fueled by a proprietary trading service and AI craze

• $ASI could rise to $0.1 in 2024 as more investors join ActualizeAI

Days after a successful presale in phase 1, investors are back on AltSignals ($ASI) in the second stage. Phase 2 of the presale has raised more than $1.15 million, representing approximately 51.12% of the tokens. The quick presale underlines strong investor interest in the token of the trading signal service, despite the price rising slightly to $0.01875 in the second phase.

AltSignals AI angle exciting for investors

AI has nearly been a buzzword in 2023, with analysts predicting it to be a game-changer for numerous industries. The launch of ChatGPT in late 2022 started the craze as enthusiasm also gripped crypto and stock markets. 

In trading, AI has been touted as a game-changer as it aids in machine learning, predicting modelling, and sentimental analysis to generate quality trading signals. AltSignals is tapping into the power of AI to supercharge trading results. The trading signal service has previously used a highly successful algorithm to generate signals for its over 52,000 traders.

Dubbed AltAlgo™, the algorithm has produced over 3,782 trading signals, with accuracy rates averaging 64%. Owing to the increase in AI application, AltSignals want to take the game higher and make its platform a go-to place for new and seasoned traders in stock, forex, crypto, and CFD markets.

What is AltSignals’s AI trading service’s value proposition?

AltSignals AI trading service will be dubbed ActualizeAI. The team looks at ActualizeAI as the ideal iteration to expand the scope of the trading instruments covered and increase the accuracy of the signals. Investors will become ActualizeAI members by buying $ASI, the token that will power the trading community and become the medium of exchanging value. 

One of the benefits of owning $ASI is access to quality trading signals by the AltSignals team. With the early success of AltSignals since its founding in 2017, there has been a lot of enthusiasm that the AI service will grow investors’ earnings. Investors also benefit from the appreciation in the value of $ASI as the AI trading service continues to garner popularity.

ActualizeAI members acquire trading-related skills by participating in tournaments and competitions on the platform. They also get to accumulate $ASI for winning competitions against other traders. 

Other utilities that $ASI carries include participation in community governance which gives holders the decision-making power in the affairs of the platform. There are also exclusive presale opportunities and access to AI-powered products for ActualizeAI members.

Will $ASI reach $0.1 in 2023?

$ASI is a token with a lot of potential, given that $AltSignals has been in existence and has organically built a trusted trading community. Coupled with the growing popularity of AI, the potential for the token to rise by up to $0.1 is strong.

A prediction of $0.1 in 2023, however, looks too soon since it means the price must rise by 1,000%. As the token starts listing in the third quarter, investors should expect substantial price increases, with a prediction of three-digit percentage rises more likely.

Predictably, a 1,000% is likely in 2024. This is when all the developmental activity of ActualizeAI will have occurred, opening the doors to more investors.

Should you buy $ASI this week?

$ASI is in its second presale phase, and the price is rising at each stage. With less than 50% left to end phase 2 of the presale and the price to rise, it could be the right time to buy the token. 

Also, $ASI is geared toward listing on Uniswap in the third quarter. Listing on an exchange means the token will be opened up to more investors, giving it a chance to skyrocket in price. This means that buying now presents a better opportunity for investors as the token’s value is still low.

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• Riot Platform’s share price has surged to the highest point since April 2022.

• This rally is happening as Bitcoin remains at $30,000.

Riot Platforms stock price has made a bullish breakout even as Bitcoin remains in a deep consolidation phase. The stock has risen in the past three straight days and is now trading at the highest level since April last year. In all, the shares have jumped by more than 430% from the lowest level last year.

Mining stock is doing well

Riot Platforms, formerly known as Riot Blockchain, is one of the biggest Bitcoin mining companies in the world. Therefore, like other mining companies, the firm makes money when BTC is doing well.

Bitcoin has done well this year as its price jumped by more than 90% this year. Recently, however, demand for Bitcoin has eased while its price has remained above the important point at $30,000. Bitcoin liquidations have also dropped sharply in the past few days.

Therefore, the Riot Platforms stock price is rising for two main reasons. First, some analysts are still bullish on Bitcoin. I wrote that analysts at Standard Chartered see BTC hitting $120,000 by 2024. In a separate report, Tim Draper, a billionaire investor, said that he expects that BTC will surge to over $325k in the coming years.

Second, investors believe that Riot will increase its mining capacity in the coming months. The company recently acquired 33k Bitcoin miners for $163 million. So, how high can RIOT stock rise?

Riot Platforms stock price forecast

Turning to the daily chart, we see that the RIOT share price has been in a strong bullish trend in the past few months. This rally culminated in the shares jumping above the key resistance level at $14.37, the previous YTD high. 

Riot Platform’s share price ha also moved above the 25-day and 50-day moving averages while the Average Directional Index (ADX) has moved to 26.50 An ADX figure above 20 is a sign that the bullish trend will continue. 

Therefore, while a pullback is possible, there is a likelihood that the RIOT share price will continue rising as buyers target the resistance level at $20. A move above $20 will open the possibility of the shares moving to $23.60 (March 22 high).

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