January 28, 2023

Numerai Leaps Over The Previous Support Lines, Shoots To $15.8

One of the biggest winners of the last week was certainly Numerai which has been quite volatile due to a variety of external factors. Several huge announcements about future updates and strong pressure from the market made the price jump harder and more chaotically than ever.

From $11.6 to $20.8 in just 36 hours and from the new monthly high to $14.5, the journey has been erratic for thousands of retail traders.

The interest in AI technologies was high during the last week, and many projects including Fetch.ai and Cartesi received market attention.

The volatility is a result of attempts at rallying

Bulls are pushing prices up across the market trying to stop bears that have been dominating the market for the whole year and continue their advance on the local timeframe.

Despite some gained ground over the week, many tokens lost value closer to Sunday and failed to hold to their newly achieved support levels creating anxiety in short-term retail traders with long market positions.

Attempts at breaking the narrative and creating a stable market with higher average prices happen all across the industry. The push in the AI sector was caused by multiple investment companies driving up token prices as they put money into these projects. Retail traders were also encouraged to invest in Fetch.ai and Numerai following their announcement about recently rolled-out features.

Numerai is a software package that generates forecasts and even invests money based on AI analysis and complex algorithmic learning. The AI tech using the power of blockchain sounds like magic to many venture investors, but we are still waiting for concrete results in this sector of the crypto industry to make conclusions.

Temporary growth is not a strong signal for long-term market entries

Increased trading volumes also characterized the weekend across the market with many retail traders buying into AI projects. The long-term prospect of these innovative technologies is still up for debate. While seeing Adventure Gold, Cartesi, Fetch, and Numerai growing is a nice picture, it should not obscure the fact that price corrections are also quite brutal.