- Summary:
- AI-centric crypto coin CORGIAI has lost substantial ground in the last two months, creating a widespread bearish sentiment.
CorgiAI has been on a steep decline since March, and the bearishness persists on Tuesday, with a significant drop in the trading volume in that period. The crypto coin traded at 0.00141, having declined by 0.65 per cent in the intraday session at the time of writing. The bearishness has seen CORGI holders incur losses, creating a widespread FUD sentiment around the coin that once topped PEPE in the meme coin listings. CORGI price is currently 85% below its all-time high set on March 2, underpinning the widespread selloff that has taken place since then.
The CORGI price action has declined below key moving averages. It is below the 50 SMA (0.0020) and 21 SMA (0.0061), with the result being a weak momentum. The divergence between the performance of CORGI and the development of the AI industry is something to be concerned about, as the coin was primarily developed to support the AI. However, this is not an isolated case, as multiple AI-driven tokens have failed to live up to the hype.
A decline in CORGIAI price in tandem with the price on the daily price chart
Also, CORGI has largely diverged from the rest of the crypto market, signaling making it difficult to pinpoint potential source of momentum. Bitcoin, the market bellwether, has returned above the psychological $60,000 level, flashing signals of a potential rally in the coming days. Many traders are now focusing at $65,000 for a potential uptick in the post-halving rally sentiment. Therefore, a return to the upside by CORGI could be a key indicator of an imminent reversal.
Technical analysis
CorgiAI faces resistance at 0.00144, and the first support is at 0.00142. Furthermore, the RSI is bearish-leaning, signaling that the sellers are currently in control. A continuation of the control by sellers is likely to break the first support and potentially extend to test 0.00139. On the other hand, a move above 0.00144 will favour the buyers to build the momentum to take on the resistance at 0.00146. A continuation of that support will likely break the resistance, and potentially test 0.00149.
