AI Coins Pump as Elon Musk Launches ChatGPT Competitor – Where Next for RNDR, FET and AGIX?
Cryptocurrencies that boast a strong artificial intelligence (AI)-linked use case, such as Render Network (RNDR), SingularityNET (AGIX) and Fetch.ai (FET) have seen a pump on Wednesday amid positive AI news.
Twitter, Tesla and SpaceX CEO Elon Musk announced on Wednesday that he had launched a new generative AI start-up called xAI.
xAI will allegedly be a direct competitor to OpenAI’s ChatGPT, which became the fastest application in the world to reach 100 million users earlier this year following its launch last November.
Musk’s official re-entry into the AI race (he had formerly been a founding member at OpenAI) brings fresh attention to the fast-evolving technological sector, thus bringing fresh attention to AI cryptocurrencies like those noted above.
RNDR is the cryptocurrency that powers the Render Network, a decentralized GPU-based AI rendering solution.
AGIX is the token that powers SingularityNET’s decentralized AI-focused crypto ecosystem.
FET is the ERC-20 crypto token that powers Fetch.ai’s AI-powered platform for building, deploying and connecting so-called “smart agents” to automate web3 processes.
While RNDR initially pumped on the Musk news, it has since reversed more than 3% lower on the day.
At current levels in the $1.93 area it is below its 21, 50 and 100-Day Moving Averages (DMAs) and once again threatening a potential breakout below a medium-term pennant structure.
A break below this structure could open the door for a near-term drop towards resistance-turned-support in the $1.60 area.
AGIX, meanwhile, is running into key medium-term resistance in the form of a downtrend from the March highs.
With AGIX also finding resistance at its 21 and 50DMAs, bears may see current levels as attractive to add to short
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