New AI coin $PAAL puts $FET and $AGIX into the shade

Currently up 22%, and with a market cap of only $420 million, PAAL.AI is taking the crypto AI niche by storm. Can this new prodigy approach and even surpass the markets caps of Fetch.ai and SingularityNET this bull run?

One of crypto’s biggest niche bets

There are certain niches within the crypto ecosystem that are strong bets to make large gains in this current bull market. Among the foremost of these is the artificial intelligence (AI) niche. 

Source: Coingecko/Trading View

As can be seen in the list of top AI coins above, Bittensor and Render take the first two places for the size of their market caps, with $4.38 billion and $2.72 billion respectively.

PAAL.AI is back in a respectable 12th position, with a $420 million market cap. With its technology that enables the creation of AI and machine learning (ML) bots, PAAL.AI is probably going to compete strongly for the rest of this bull market.

$PAAL in strong upward trend

Source: Coingecko/Trading View

Looking at the above short term chart, it can be seen that $PAAL is in a strong upward trend, punctuated by a series of bull flags. This current trend has already enabled $PAAL to post a 531% gain just since early February.

Parabolic price action

Source: Coingecko/Trading View

However, it is only when one zooms right out on the weekly time frame that the $PAAL price action can be really appreciated. It’s to be wondered how long the parabolic nature of this trend can last, although the red candle in the middle of the price action did record a 37% correction. 

Seeing how quickly this pull-back was then bought back up, as indicated by the long wick to the downside, gives an overall impression of massive strength. The next targets for $PAAL, according to fibonacci extension levels, are $0.70, $0.80, and then $0.90.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.