DeepFakeAI (FAKEAI) Soars 120% in a Week: A Bullish Fate Ahead?

• The price of DeepFakeAI (FAKEAI) climbed 120% over the past week.
• If the bullish trend persists, DeepFakeAI (FAKEAI) may hit $0.001534 by the end of 2023.

In the crypto market overshadowed by the decline of leading altcoins, a low-cap alt — DeepFakeAI (FAKEAI) — defies the odds. This cryptocurrency exhibited a 120% price surge over the last 7 days from $0.0005304 to $0.00108, at the time of writing.

DeepFakeAI is an emerging platform with the potential to forge blockchain and deepfake technology and revolutionize content creation. This innovative technology utilizes deepfake techniques to enhance visual effects and computer-generated imagery (CGI), leading to the seamless integration of digital elements into live-action footage.

DeepFakeAI 24-Hour Price Analysis

A glance at the daily trading price chart reveals DeepFakeAI’s sustained bullish trend, with the current price trading above the 50-day moving average (50 MA). 

FAKEAI/WETH Price Chart — MA, RSI & RVI (Source: TradingView)

The daily relative strength index (RSI) stands at 64.70, firmly positioning DeepFakeAI within the overbought zone. This suggests increasing investor interest in the project’s future prospects. Furthermore, the altcoin’s average directional index (ADX) currently stands at 72.78, signifying a very strong favorable trend. 

On the other hand, the relative volatility index (RVI), registered at 60.2, displays high volatility in DeepFakeAI’s price movements. This volatility may present both opportunities and challenges for traders and investors.

According to CoinMarketCap, at the time of analysis, DeepFake AI (FAKEAI) traded at a price of $0.001082. As reported by the project, the crypto’s market capitalization stood at $1.1 million.

DeepFakeAI (FAKEAI) Price Prediction 2023

At the time of analysis, DeepFakeAI (FAKEAI) ranked 2986 on CoinMarketCap in terms of its market capitalization. The daily price chart given below highlights an overview of the DeepFakeAI price prediction for 2023.

DeepFakeAI Price Chart (Source: TradingView) 

As per the above chart, the price momentum of DeepFakeAI (FAKEAI) is currently contained with an ascending channel pattern, also known as the rising channel. This pattern is generally a characteristic of a bullish trend.

If the pattern trend continues or reverses, then the price of FAKEAI will correspondingly mark its movement to the following resistance levels and support levels:

Resistance Level 1	$0.001534
Resistance Level 2	$0.011334
Support Level 1	$0.000536
Support Level 2	$0.000184

In conclusion, if bulls dominate the price action, DeepFakeAI (FAKEAI) might rally to hit $0.001534  by the end of 2023. Conversely, if the bears take over, DeepFakeAI (FAKEAI) will breach the support levels and may hit $0.000536. 

DeepFakeAI’s ascent in this bear market hints at the cryptocurrency’s potential. As the crypto and tech communities continue to evolve, DeepFakeAI’s unique capabilities are expected to leave a lasting impact on various sectors, from entertainment to marketing. Investors and enthusiasts alike are keen to watch the project’s market dynamics unfold.

Disclaimer: The opinion expressed in this chart is solely the author’s.The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. TheNewsCrypto team encourages all to do their own research before investing.