The price of CryptoGPT jumped more than 12% on Monday, hitting highs of $0.075. The uptick in the value of the native GPT token came as the market reacted to the latest crypto news for the artificial intelligence related cryptocurrency.
At the time of writing, the price of GPT was around $0.073, still up roughly 10%.
Buy GPT pressure had seen the token register intraday trading volumes of $7.7 million, with interest in the AI-related coin bumping daily volume by more than 450%.
CryptoGPT price surges as platform secures $10 million funding
On Monday, CryptoGPT announced it had raised $10 million in its series A round led DWF Labs, Asia’s largest market maker and crypto-focused investment platform.
The funding was at a $250 million valuation, with the layer 2 blockchain platform saying the strategic investment gives it both a financial and strategic advantage as it looks to establish itself as a leading Web3 company.
GPT price outlook amid listing on Bithumb
While GPT is live on trading platforms such as Bitfinex, BingX, Bybit and Bitget, its official listing on South Korea’s largest fiat-supported exchange is a major milestone. On the base of it, CryptoGPT says the development could see over 10 million users in Korea access GPT.
According to CryptoGPT, its native token is the first AI token to go live on Bithumb, and listing on the Korean exchange could see GPT make a big wave as the AI2Earn economy takes shape.
Currently, the layer 2 project boasts over 1.3 million users and events lined up for Seoul this week are likely to boost adoption.
In terms of price outlook, GPT continues to hold at a major support line at $0.065. If the latest news help add to the buying pressure, GPT price could break towards $0.096. The resistance line will come into view if buyers reclaim and hold prices above $0.075. The 4-hour RSI and MACD indicators suggest the upper hand is with the bulls.
However, if the outlook flips, GPT price has an anchor at around $0.039. Beyond this demand reload zone though, bears could have a free ride below $0.030.
Invest in the top cryptocurrencies quickly & easily with the worlds largest and most trusted broker, eToro.
81% of retail CFD accounts lose money