The cryptocurrency market is struggling to gain momentum in October, a historically bullish month. Bitcoin (BTC) is trading at $112,000, dipping nearly 8% over the last week. Most other assets are following BTC’s bearish trajectory. However, one new cryptocurrency is defying the market trend. ChainOpera AI (COAI) is experiencing a massive price surge as we speak. According to CoinGecko’s COAI data, the cryptocurrency has rallied 123.3% in the last 24 hours, 365.3% in the last week, and 6389.4% in the 14-day charts. Despite the rally, COAI’s price is still down by 67.6% $43.81.
Why Is ChainOpera AI Rallying? Will It Continue?
ChainOpera AI’s (COAI) upswing could be due to the hype around AI and AI-based crypto coins. Artificial intelligence has taken center stage around the world. AI-based hype has found substantial subscribers. The project’s AI-focused outlook may have led to increased hype.
New listings may have also played a part in ChainOpera AI’s (COAI) latest price rally. The coin is available on Aster Exchange, Bybit, and Binance’s Alpha platform.
While the rally has been stellar, there is a chance that ChainOpera AI (COAI) will face a correction soon. The larger crypto market is still quite fragile. Macroeconomic conditions have also not improved. Moreover, trade disputes continue to fuel investor worry. Such an environment does not inspire confidence. ChainOpera AI may see a big dip if investors begin to book profits. Given Bitcoin’s (BTC) lackluster performance, it won’t be surprising to see COAI follow a similar path.
Also Read: ADA Whales Buy the Dip: A Bullish Sign for Cardano Price?
However, there is a chance that the cryptocurrency market will recover over the coming days. Federal Reserve Chair Jerome Powell hinted in his recent speech that rate cuts may be inevitable. Another rate cut could lead to a surge in risky investments. ChainOpera AI could benefit from such a development.