Cardano-Based mostly AGIX Soars After Elon Musk Associated AI Rumor

Cardano-based synthetic intelligence market SingularityNET (AGIX) has seen its value rise by 11% within the final 24 hours, making it at present’s high performer within the high 100 cryptocurrencies by market cap. The sudden rally began shortly after rumors surfaced that Elon Musk needs to construct a ChatGPT competitor.

Because the 4-hour chart beneath exhibits, AGIX has seen a large inexperienced candle of near 30%, earlier than the beneficial properties have been worn out largely by an equally huge 4-hour candle. Nonetheless, the token value is up 11% within the final 24 hours of buying and selling.

Right here’s Why AGIX Is Rallying

The AGIX rally comes at a time when Twitter and Tesla CEO Elon Musk has been musing out loud on Twitter concerning the risks of synthetic intelligence (AI). Two days in the past, Musk wrote:

However, all issues thought of with regard to AGI existential angst, I would like to be alive now to witness AGI than be alive up to now and never. […] Having a little bit of AI existential angst at present.

About 12 hours in the past, on the identical time that AGIX’s value began to soar, a rumor surfaced that Elon Musk is seeking to develop a ChatGPT competitor. In an unique report, The Info reported that Musk has created a brand new AI analysis lab led by Igor Babushkin, a researcher who just lately left Alphabet’s DeepMind AI.

The report relies on two individuals with direct information of the trouble and a 3rd individual with information of the talks. In keeping with the statements, the lab’s foremost focus is to develop a substitute for ChatGPT.

Supply: @nonmayorpete & @theinformation https://t.co/uTJmOSwVyA

— Rowan Cheung (@rowancheung) February 28, 2023

Whereas SingularityNET clearly has nothing to do with Elon Musk’s initiative, at present’s pump is emblematic of the “AI narrative” that has seen AI-focused tokens rise dramatically in worth in January via early February because of the hype surrounding ChatGPT by OpenAI.

Worth Rejected At Essential Resistance

The AGIX value rally ended abruptly on the $0.55 resistance and initiated a bounce down south to $0.4488. Since then, nevertheless, AGIX has once more picked up steam and is recording an upward pattern.

So long as the SingularityNET token holds above $0.37, the worth continues to be in bullish territory. To the upside, resistance at $0.551, $0.605, and $0.667 are key. A day by day shut above the $0.55 resistance could be massively bullish and produce the all-time excessive within the $0.67 space again into focus.

Featured picture from SingularityNET, Chart from TradingView.com