The forthcoming weeks hold potential for a significant surge in the value of certain AI tokens, namely The Graph (GRT) and Ocean Protocol (OCEAN).
According to recent reports from BeInCrypto, the positive momentum of these AI tokens has been spurred by the recent announcement of the upgraded GPT-4 version and the subsequent news of the ChatGPT chatbot’s improved functionality.
GRT has a chance to rise in price by 200+%
Alongside GRT and OCEAN, SingularityNET (AGIX), Render Token (RNDR), Fetch.ai (FET), and Oasis Network (ROSE) have also exhibited promising results. GRT, in particular, may see an impressive rise of over 200%.
GRT functions as a protocol cryptocurrency for data querying and indexing from public blockchains, utilizing decentralized indexing protocol.
As per technical analysis, GRT’s all-time high was recorded in February 2021 at $0.92, following which it faced a decline along a descending resistance line, eventually reaching a low of $0.05 in November 2022.
However, the token’s value picked up pace, recording a high of $0.23 in the previous month. Although the price has rebounded from the resistance line again, the weekly RSI continues to show bullish trends with a value above 50.
A successful bullish break could potentially elevate GRT to the next resistance level of $0.52, indicating a 244% increase from current levels. In the event of a bounce, the token may revisit the lows of $0.06 from earlier this year.
Source: Trading View
OCEAN’s growth is only gaining momentum
Ocean Protocol, an open-source blockchain platform catering to individuals and entrepreneurs, is gaining momentum as it enables users to create smart contracts that facilitate data and digital asset exchange, monetization in a transparent, secure manner, and transactions without intermediaries.
The platform also boasts a marketplace for data sale and purchase. The project’s native token, OCEAN, appears to be on the rise as per the weekly chart, with a bullish breakout from the long-term descending resistance line seen from the all-time high.
This was coupled with the RSI index crossing the 50 mark, indicating positive momentum. In a recent development, the price has now converted this line into support, as seen by the green icon on the chart.
Continuing the upward trend, the next resistance level for OCEAN stands at $1.10, representing a potential gain of 185% from current levels.
However, if the token fails to maintain its momentum and falls below the descending resistance line, it would signify a false breakout and may lead to a drop to $0.50.
Source: Trading View
As of now, the trend for OCEAN and GRT tokens is looking bullish, with the potential for an increase of about 200%.
However, this positive scenario could be jeopardized if OCEAN fails to hold above the nearest diagonal support level and GRT falls below its nearest horizontal support level.
In such a situation, the tokens may face a decline of up to 50% in their market value. It is important to keep an eye on these key support levels to gauge the future direction of these coins.