A ‘rude awakening’ awaits AI altcoins in February, trader says, reveals two crypto assets set for correction
A widely followed trader has issued a warning about altcoins in the artificial intelligence (AI) cryptocurrency sector.
The merchant known by his pseudonym Plantz He tells His 312,000 followers on social media platform
According to the analyst who regularly applies Elliott Wave Theory in his technical analysis, a lot of AI-related altcoins have bounced from the peak of the last wave of the uptrend that started months ago. Elliott Wave Theory states that the main trend of an asset’s price moves in a five-wave pattern while the correction occurs in a three-wave pattern.
“There will be some rude awakenings to the AI hype next month in my opinion.”
According to Plantz, aixbt by Virtuals (AIXBT), a virtual AI agent focused on the cryptocurrency market, and Fartcoin (FARTCOIN), a memecoin that includes an AI framework for the purposes of generating ideas and content, are “very obvious” examples of crypto assets. Which is at the end of an upward trend that started months ago.
Where there will be a deeper correction between AIXBT and FARTCOIN, Bluntz He says,
“I actually thought AIXBT looked more bearish, but then all the FARTCOIN holders came out of the woodwork and I realized this might be the one that dumps the most.”
AIXBT is trading at $0.740 at the time of writing, down 21% since the all-time high reached last week.
FARTCOIN is trading at $1.54 at the time of writing, down 36% since the all-time high reached last week.
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