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Crypto analysts have issued a cautionary alert regarding AI-related altcoins in the cryptocurrency sector. The analyst known as Bluntz shared insights on the social media platform X, indicating that major cryptocurrencies linked to AI might be nearing the end of their upward trend in the short term.
Bluntz and AI Altcoins
Using Elliott Wave theory regularly, Bluntz noted that many AI-associated altcoins have pulled back from the peak of their recent upward trends, which have persisted for months. Elliott Wave theory posits that an asset’s price follows a five-wave model for movement and experiences corrections in a three-wave model.
“Next month, there will be a sharp awakening for AI hype.”
Bluntz highlighted AIXBT and Fartcoin as clear examples of cryptocurrencies nearing the end of their bullish trends. While AIXBT focuses on virtual AI agents in the crypto market, Fartcoin has emerged as a meme coin utilizing AI infrastructure for content creation.
“Actually, AIXBT was looking more bearish, but I realized it could lose more value with the appearance of FARTCOIN investors.”
Current Situation and Decline Rates
At the time of this prediction, AIXBT was showing a 21% decline from its highest point last week at $0.740. FARTCOIN experienced a 36% drop at $1.54. Bluntz questioned which of AIXBT or FARTCOIN would face a deeper correction, suggesting that FARTCOIN might experience further declines.
These alerts indicate that investors should remain vigilant against potential adverse changes in market trends for AI-related cryptocurrencies. It is crucial for investors to conduct thorough market analyses and assess potential risks.
