Santiment Analysis Reveals 3 Crypto Market Behaviors to Watch
A recent Santiment analysis highlights three crypto market behaviors to watch this week. The first two examples are the AI tokens AGIX and FET, which have topped the list of social trends. The analysis, however, warns that tokens at the top of the list are typically not good long-term investments.
📊 $AGIX and $FET are atop the trending topics in #crypto, as #AI projects are getting increased attention. Another asset getting notable attention right now is $SAND, after a $56M transfer went to #Binance. Read our insight on the latest trends. https://t.co/QeybaiiZA8 pic.twitter.com/03get1qDpp
— Santiment (@santimentfeed) February 6, 2023
The third example is the SAND token, which has seen a drop in network activity but has recently seen an increase in deposits on Binance. According to the analysis, this could be a good time to enter a position in SAND, as those who have made deposits are likely to be profitable and could sell the token.
At present, AI-based cryptos are performing well in terms of market capitalization and rank, with AGIX holding a ranking of 74 and FET at 93.
AGIX/USDT 1-Hour Technical Analysis (Source: TradingView)
The technical analysis of the AGIX/USDT pair on a 1-hour time frame reveals that the crypto has experienced an upward surge in price after the formation of a golden cross between its 50-day and 200-day Moving Averages. This crossover has acted as a catalyst for the cryptos’ bullish trend. Furthermore, the Relative Strength Index (RSI) for AGIX stands at 61.39, indicating a potential period of market consolidation.
FET/USDT 1-Hour Technical Analysis (Source: TradingView)
A technical analysis of the 1-hour chart for the FET shows signs similar to the previous AI-based token, AGIX. The 50-day Moving Average and the 200-day Moving Average have formed a golden cross, leading to a substantial rise in FET’s price. However, the Relative Strength Index (RSI) is currently at 68.82, suggesting that it may take some time for FET to overcome its current resistance and reach its next target.
To summarize, the continued interest and use of AI technology combined with the increasing demand for investment in the AI sector is expected to contribute to the growth of AI-based cryptos in 2023.
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