3 winning AI cryptocurrencies of this first week of June

These AI-powered cryptocurrencies, TokenFi (TOKEN), HyperGPT (HGPT), and Bad Idea (BAD), all look poised to continue their gains over the weekend.

TokenFi (TOKEN) sees increasing demand

TOKEN is the cryptocurrency that powers TokenFi, a protocol allowing its users to create tokens or tokenize real assets. In the last seven days, the price of TOKEN has increased by more than 27%. At the time of writing, the altcoin is trading at $0.17.

An evaluation of the token’s price movements on the 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 cash flow index (MFI) was 76.44, following a similar trajectory. RSI and MMF are momentum indicators that allow traders to assess the price dynamics of an asset and identify potential buying and selling opportunities. With these values, these indicators showed that the TOKEN buying pressure was particularly important.

If the bulls maintain this trend, the TOKEN price could recover to the $0.17 level and trade at $0.183.

More information: Best Crypto AI of 2024

Token analysis
TokenFi analysis. Source: TradingView

However, if there is profit-taking activity and bears re-emerge to regain control of the market, TOKEN could lose some of its gains from last week and eventually fall to $0.152.

HyperGPT (HGPT) is outperforming a key moving average

HGPT is the native token of HyperGPT, a web-based AI marketplace, and ranks as the second highest-earning AI cryptocurrency in the past seven days. At the time of writing, HGPT was trading at $0.07774, up 28% during that period.

Rising demand for HGPT pushed its price above the 20-day exponential moving average (EMA) on June 3. As a reminder, the 20-day exponential moving average of an asset tracks its average price over the past 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 exceeded its average price over the last 20 days. Traders therefore see this as an evolution towards the accumulation of this cryptocurrency.

HGPT Directional Movement Index (DMI) data also confirmed the rising accumulation over the past few days. Its positive directional index (green) is actually above the negative index (red).

This indicator measures the direction of an asset’s price and the strength of its current trend. When a positive index crosses a negative index, it indicates a bullish trend. This suggests that buying pressures are outweighing selling pressures and that the strength of the bulls is greater than that of the bears. It is therefore often considered a precursor to asset price growth.

If this trend continues, HGPT could trade at $0.082 and try to regain its all-time high (ATH) of $0.108 recorded on March 29.

HyperGPT analysis
HyperGPT analysis. Source: TradingView

However, if this projection is canceled and selling pressure builds, causing the bears to gain the upper hand over the bulls, HGPT could fall to $0.075.

Bad idea (ADB)good idea after all!

Bad Idea, described as a “decentralized experiment that combines blockchain, AI and decentralized autonomous organizations (DAOs) into a risky, meme-worthy mix, is a protocol based on its BAD token, whose value last week.

At the time of writing, this altcoin is trading at $0.00000003035. Its Chaikin Money Flow (CMF) has been seen in an uptrend and is above the zero line at 0.13.

As a reminder, this indicator measures the buying and selling pressure of an asset to track the flow of money to and from the market.

When its value is greater than zero, it indicates market strength. This means that the buying pressure is greater than the selling pressure because more money is flowing into the asset than is flowing out.

If BAD buyers continue this trend, then its price could rise to $0.0000000032.

To go further: How to read a cryptographic chart

Analyzing a bad idea
Analyzing a bad idea. Source: TradingView

However, if selling waves gain pressure at this level, BAD could lose some of its weekly gains and eventually fall to $0.0000000029.

Moral of the story: Crypto AI dances when everyone else walks.

Disclaimer

Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.

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