Will artificial intelligence (AI) tokens and meme coins lead the next altcoin rally?

• The price of ETH has fluctuated slightly over the past 24 hours.
• PEPE, DOGE and SHIB performed well last week.

Multiple altcoins performed well as the market turned bullish. However, the latest data hints at a further bull rally for altcoins.

Given the recent buzz surrounding AI tokens and meme coins, could they be the start of an upcoming show?

Altcoins begin to rally

Moustache, a popular cryptocurrency analyst, recently tweeted about an interesting development. According to the tweet, the altcoin has yet to break above the November 2021 highs, suggesting further gains are in store for the altcoin.

At the time of the tweet, the coins were in a consolidation phase, which could trigger a price increase soon.

A similar situation occurred in 2013, before the altcoin market cap reached ATH in 2017.

If history repeats itself, altcoins may soon exhibit bullish momentum, taking them to new highs in the coming months or years.

How is the King of Altcoins doing now?

When it comes to altcoin rallies, all eyes are on Ethereum as it is most likely to trigger a rally.

The price of ETH rose by more than 16% last week, according to CoinMarketCap. However, its value has changed only slightly over the past 24 hours. At press time, it was trading at $3,949.87.

Most indicators have also turned bearish, as ETH’s relative strength index (RSI) and stochastics are both in overbought territory at press time.

Quite a few other indicators are also bearish on altcoins. AMBCrypto’s analysis of CryptoQuant data shows that ETH’s reserves are increasing, indicating strong selling pressure.

Ethereum’s Korean premium and fund premium also suffered losses. This means that selling sentiment among funds and Korean investors dominated.

Look at Meme Coin

Unlike Ethereum, Meme Coin’s rise last week was more prominent, with most currencies seeing two growth in digits. Notably, PEPE’s value surged nearly 130%.

To understand what’s causing this surge, AMBCrypto examined the meme coin’s daily chart. We saw last week that the MACD remained positive for the bulls.

Its Chaikin Fund Flow (CMF) and Relative Strength Index (RSI) also remained elevated last week, giving PEPE an impressive performance.

## Dogecoin [DOGE] and Shiba Inu [SHIB] also performed well last week, with their values ​​surging 33% each and 72%.

Interestingly, despite the price increase, market sentiment for DOGE remains bearish, as evidenced by the decline in its weighted sentiment. However, SHIB remains in positive territory.

The price action of all the above-mentioned meme tokens has remained dormant over the past 24 hours, suggesting that they too may initiate a bull rally in the near term.

All eyes are on artificial intelligence?

Similar to meme coins, AI tokens have a similar fate. This could be due to overall market conditions or the altcoin being in a consolidation phase.

World Coin [WLD] has been in the headlines recently due to a significant price increase, with the price falling by 5.11% in the past 24 hours alone.

As of this writing, WLD is trading at $10.01, with a market capitalization of over $1.48 billion.

However, the bullish sentiment surrounding AI tokens has improved over the past few days. Its social volume has also surged, reflecting its popularity in the cryptocurrency space.

To get a better idea of ​​whether the situation for AI Token will change in the coming days, we took a look at its daily chart . Our analysis shows that WLD’s price hits the upper Bollinger Bands.

Whenever this happens, it is a sign that the price is about to correct.

Its relative strength index (RSI) also fell, which means investors are selling. The coin’s Chaikin Fund Flow (CMF) is also following a similar downward trend, further indicating a lower price.

Despite this, MACD remains bullish.

Besides WLD, another popular AI token is Fetch.ai [FET]. Unfortunately, the situation looks similar for FETs. FET is down more than 7% in the past 24 hours, according to CoinMarketCap.

As of this writing, it trades at $2.83 and has a market capitalization of over $2.36 billion.

FET’s daily chart also looks similar to WLD, as the former’s price touches the higher bands of Bollinger Bands. Its RSI and CMF also declined.

Bitcoin Problem

While top altcoins perform in sparking bull rally Played most of the role, but part of the role of Bitcoin [BTC] cannot be ruled out. As the largest cryptocurrency, BTC affects the entire market.

Recently, the price of Bitcoin surged to the $70,000 mark, giving investors hope of a new rebound. Therefore, it will be difficult for altcoins to challenge Bitcoin’s bull rally, given Bitcoin’s absolute dominance.

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