Coin Edition - Artificial Intelligence (AI) and the Big Data industry have become household narratives in the crypto market, and in 2024, it does not seem like that will stop. Due to this, market participants have been eyeing AI-based tokens.
Many of these tokens exploded in 2023, when the AI narrative was in full force. In 2024, there is a high chance that these cryptocurrencies will continue to perform well. As a result, Coin Edition brings you the top 10 AI and Big Data tokens valued under $1 and with immense potential.
The Graph (GRT)
The fundamentals of The Graph lie in its ability to help with indexing and querying on Ethereum (ETH). Because of this capability, demand for its native token, GRT, rose in 2023. In the last year, GRT’s price has increased by 166.67%, CoinMarketCap showed. However, the token could still be considered undervalued, especially as its price changed hands at $0.186.
However, GRT has slowed to 2024, losing 12.39% of its value. But from a technical perspective, the token still has the potential to repeat a similar feat this year, as shown by the EMA.
From the daily chart, the 50 EMA (blue) was positioned at $0.168, indicating a possible support zone for the token. On the other hand, the 200 EMA (yellow) was at $0.133. Also, a crossover had happened since November 11, 2023, indicating that the long-term trend for GRT was bullish.
GRT/USD Daily Chart (Source: TradingView)
SingularityNET (AGIX)
AGIX is the native token of SingularityNET, a platform that allows users to create and monetize AI services on different AI marketplaces. At press time, AGIX’s price was $0.30. This value represents a 254.73% increase in the last 365 days. However, the token was still 44% down from its All-Time High (ATH).
The daily AGIX/USD chart showed that the token had no longer experienced the kind of selling pressure it did between May and October 2022. During this period, bulls capitalized on the decline to $0.17 and used it as support.
AGIX/USD Daily Chart (Source: TradingView)
Furthermore, the Accumulation/Distribution (A/D) indicator showed that more participants have been buying AGIX. If the A/D continues to trend upward, then AGIX could hit a new ATH in 2024.
Theta Fuel (TFUEL)
TFUEL’s price at press time was $0.048. However, its performance last year was not as impressive as that of AGIX or GRT. But in the last 90 days, the price has increased by 51.36%. Also, the fact that its market cap is a little over $300 million means that it could be undervalued.
Coin Edition looked at the TFUEL/USD daily chart, and the 20 EMA (blue) had flipped the 50 EMA (yellow). In this instance, the trend is bullish. So, TFUEL’s price has the potential to reach $0.06 in the first quarter of 2024.
TFUEL/USD Daily Chart (Source: TradingView)
Ocean Protocol (OCEAN)
Ocean Protocol’s involvement in the intersection of Big Data and AI has made it relevant in the crypto market. This is also one of the reasons OCEAN’s all-time performance increased by 1.468%.
At press time, the cryptocurrency’s price was $0.475. Lately, OCEAN faced resistance at $0.56, which was why the price decreased. However, the RSI reading showed that buyers were trying to regain the bullish momentum. Should the RSI reading cross the 50.00 midpoint, then OCEAN might flip $0.5. This could also be the point that triggers another rally for the token.
OCEAN/USD Daily Chart (Source: TradingView)
Golem Network (GLM)
GLM’s all-time performance was similar to OCEAN. As of this writing, the GLM price was $0.22. Furthermore, the MACD on the daily chart had dropped to the negative zone. This indicates bearish momentum for the short term.
A look at the Fibonacci Retracement showed that the 0.618 level was at $0.25. This means that the GLM toke has good long-term potential, and $0.25 could be its support going forward. In the long term, GLM could hit $0.40, considering the 4.236 Fib level positioned at that price.
GLM/USD Daily Chart (Source: TradingView)
Flux (FLUX)
FLUX’s price at press time was $0.57. From the daily chart, the token has been consolidating between $0.50 and $0.67 since December.
However, the RSI showed that FLUX had exited its negative divergence. So, the price has the potential to retest $0.60. Volatility, as shown by the Bollinger Bands (BB), had also increased, indicating significant price fluctuation. Going forward, FLUX’s price could go higher considering that it also has a small market cap.
FLUX/USD Daily Chart (Source: TradingView)
Arkham (ARKM)
ARKM’s price was $0.60 at the time of writing—19.99% down from its ATH. However, in the last 24 hours, ARKM has increased by more than 5%.
In addition, the Chaikin Money Flow (CMF) had risen to 0.29. This implies that there was good buying pressure for the token. If this continues to be the case, ARKM might rise to the $0.80 region.
This notion was also backed by the Money Flow Index (MFI). However, the MFI crossed 80.00, meaning that it was overbought. So, ARKM might erase some of its recent gains. Should that happen, a new buying opportunity might present itself before a long-haul rally.
ARKM/USD 4-Hour Chart (Source: TradingView)
IQ (IQ)
At press time, IQ changed hands at $0.005. Also, the 4-hour chart showed that there has been a surge in the accumulation of the cryptocurrency. While there has also been some distribution, accumulation was higher.
As long as this position remains the same, IQ’s price can increase. For the long-term targets, the price might approach $0.007 for a start.
IQ/USDT 4-Hour Chart (Source: TradingView)
In conclusion, some of these tokens might experience notable pullbacks. However, the long-term potential looks bright for most. At the same time, it would be better to consider doing extra research on their fundamentals and tokenomics.
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