As the altcoin market extends its rally from last month, three artificial intelligence (AI) tokens have emerged as significant gainers in the first trading week of June.
These assets include TokenFi (TOKEN), HyperGPT (HGPT), and Bad Idea (BAD), all of which look poised to continue rising over the weekend.
TokenFi (TOKEN) Sees Increased Demand
TOKEN is the cryptocurrency that powers TokenFi, the protocol that allows its users to create tokens or tokenize real-world assets. Over the past seven days, the price of TOKEN has increased by more than 27%. At the time of writing, the altcoin was trading at $0.17.
An evaluation of the token’s price movements on a daily chart confirmed that buying activity continues to outpace profit taking among TOKEN holders. At the time of writing, its Relative Strength Index (RSI) was in an uptrend at 70.43.
Its Money Flow Index (MFI) was 76.44, following a similar path. RSI and MFI are momentum indicators used by traders to evaluate the price dynamics of an asset and identify potential buying and selling opportunities. At these values, these indicators showed that the buying pressure of TOKEN was significant.
If the bulls maintain this trend, TOKEN price may break above the $0.17 level to trade at $0.183.
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TokenFi Analysis. Source: TradingView
However, if profit-taking activity occurs and the bears re-emerge to regain control of the market, TOKEN could lose some of its gains over the past week and fall to $0.152.
HyperGPT (HGPT) breaks above the key moving average
HGPT is the native token of HyperGPT, a Web3 AI marketplace. It ranks as the second highest-gaining AI cryptocurrency over the past seven days. At the time of writing, the value of HGPT was trading at $0.07774, the value of HGPT grew by 28% during that period.
Increased demand for HGPT pushed its price above the 20-day exponential moving average (EMA) on June 3. An asset’s 20-day EMA tracks its average price over the last 20 days.
When the price trades above this key moving average, it is a bullish signal. This means that the current price of the asset has increased above the average price over the last 20 days. Traders see this as a shift towards coin accumulation.
HGPT Directional Movement Index (DMI) readings confirmed the surge in accumulation in recent days. Its positive directional index (green) is above its negative index (red).
This indicator measures the direction of an asset’s price and the strength of its current trend. When the positive index exceeds the negative index, it indicates a bullish trend. This suggests that buying pressure exceeds selling pressure and that the strength of the bulls is greater than that of the bears. It is often considered a precursor to an asset’s price rally.
If this trend is maintained, HGPT could trade at $0.082 and attempt to recover its historic high of $0.108, recorded on March 29.
HyperGPT analysis. Source: TradingView
However, if this projection is invalidated and selling pressure increases, causing the bears to gain the upper hand over the bulls, the value of HGPT could fall to $0.075.
Bad idea (Bad) It’s not that bad
Described as a “decentralized experiment that combines blockchain, artificial intelligence, and decentralized autonomous organizations (DAOs) into a risky, meme-worthy brew,” Bad Idea is powered by its BAD token, which increased in value by 24% in the last week.
As of this writing, this altcoin is trading at $0.00000003035. Its Chaikin Money Flow (CMF) was spotted in an uptrend and above the zero line at 0.13.
This indicator measures the buying and selling pressure of an asset to monitor how money flows in and out of the market.
When its value is above zero, it shows the strength of the market. This means that buying pressure is stronger than selling pressure, as more money flows into the asset than out of it.
If BAD buyers maintain this trend, its price may rise to $0.0000000032.
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Analysis of bad ideas. Source: TradingView
However, if selling pressure increases to this level, BAD could lose part of its weekly gains to move to $0.0000000029.
