OCEAN, GRT, CTXC increased in joy to welcome the World AI Festival
The cryptocurrency market welcomed the world Cannes AI Festival on Thursday, an event that opened the stage for more than 50 projects in the field of artificial intelligence to showcase their latest updates. As the festival progressed, AI cryptocurrencies surged, with the prices of Ocean Protocol and The Graph surging while Cortex became the most profitable token.
OCEAN, GRT, CTXC increased in price
Cortex (CTXC), Ocean Protocol (OCEAN), and The Graph (GRT) prices are soaring, outperforming their industry peers with increases of 8%, 3%, and 2%, respectively.
1-day chart: OCEAN/USDT, GRT/USDT, CTXC/USDT. Source: TradingView
It comes amid a buy-rumor-sell-truth situation as the Cannes AI World Festival kicks off on Thursday. With the Festival, volatility is expected among AI tokens as traders, investors and analysts all predict the next AI bull run.
Ethereum co-founder Vitalik Buterin recently commented on the integration of AI with cryptocurrencies and urged caution. However, the Russian-Canadian blockchain innovator emphasized the potential of AI in helping DAOs make subjective decisions. With this subtle endorsement, the sector could demonstrate added value to the cryptocurrency market.
Meanwhile, in a recent report, Santiment points out that alongside Real World Assets (RWA), AI is expected to become the next crypto market driver. The report cites “increased crowd interest over the past six months.”
Source: Santiment
Indeed, the intersection of cryptocurrency, AI and gaming continues to be a fascinating and largely untapped design space, with aJPMorgan study of 4,000 institutional traders, finding that most Participants considered AI and machine learning to be the most influential technologies in shaping the future of commerce. If this finding is true, Santiment's analysis predicting AI to become the next market driver could come sooner than expected.
Price outlook for CTXC, OCEAN, GRT
CTXC traders should be cautious as the token is overbought, considering the Relative Strength Index (RSI) position above 70. Those looking to open new Long positions should be overly cautious. Those with open positions should consider leaving them open as the RSI's northward move suggests momentum is still on the rise and Cortex price could book more gains.
With a strong bull presence in the GRT and OCEAN markets, evidenced by the location of the Moving Average Convergence Divergence (MACD) in the positive zone, the odds are tilted towards the bulls. This is also seen in the position of their respective RSI indicators above 50 but below 70. There is still plenty of room to cover before either AI token is considered overbought.
For Ocean Protocol, a looming deathcross requires caution. Deathcross occurs when the short-term moving average (50-day SMA in this case) crosses below the long-term MA (100-day SMA). Looking at the less influential short-term indicators, the potential deathcross hints at a possible short-term bearish market in Ocean Protocol price. Traders should watch for high trading volumes to strengthen the indicator.
