IoT and AI Power Crypto Rally

The power of IoT and AI is fueling the current crypto rally, with tokens like IOTA and JasmyCoin leading the charge. IOTA's Multi-Million Dollar Fund signifies a significant boost for IoT innovation, propelling the cryptocurrency to new highs alongside Bitcoin.

Is IoT Driving the Current Crypto Rally?

The recent surge in the cryptocurrency market has seen tokens tied to synthetic intelligence (AI) and the internet of things (IoT) experience significant gains. IOTA and JasmyCoin, two prominent IoT cryptocurrencies, have led the pack with notable announcements.

IOTA's Multi-Million Dollar Fund: A Boost for IoT Innovation

The IOTA Foundation has unveiled a $10 million investment fund, aiming to foster the development of TradeTech solutions and support startups in the IoT sector. The announcement has lifted IOTA's price by 7%, marking a new high of $0.373 before correcting alongside Bitcoin.

JasmyCoin's Partnership with Panasonic Spurs Growth

JasmyCoin, the token associated with the Tokyo-based IoT provider Jasmy Corporation, has also jumped 7% today. The company has partnered with Panasonic to create an IoT platform that connects personalized data lockers and decentralized databases to the IoT. This collaboration has fueled JasmyCoin's rally, driving its price from $0.02 to $0.023 in 24 hours.

AI Tokens: Riding the AI Hype

While IoT cryptocurrencies seem to be benefiting from specific sector sentiment, AI tokens appear to be riding the wave of positive market dynamics. Fetch.AI's native token, FET, has surged 11.6% to $2.9, fueled by the excitement surrounding AI companies and the overall crypto market.

FET's Bullish Momentum: Signs of Consolidation

FET has been trading above its 10-day exponential moving average (EMA10), indicating resilience to Bitcoin's volatility. However, the token's sideways movement over the past 15 days suggests that the bullish momentum may be losing steam, especially given its significant overbought position between mid-February and mid-March.

ICP's Remarkable Recovery: A Bubble in the Making?

Internet Computer Protocol (ICP), while not strictly an AI cryptocurrency, has been associated with AI advancements. The token has performed remarkably well, with a 14.5% spike in the past 24 hours, 75% in the past week, and 60% in the past 30 days.

Caution for ICP Traders: Managing Oversold Risks

ICP traders should remain cautious as the token is significantly oversold at 77 points. The past three daily candlesticks have been unusually large, with minimal wicks. If ICP corrects to a bullish support level near its EMA10, a 20% decline would not be alarming considering its 75% gain in just a week.