After Last Month’s Price Explosion, Is SingularityNET (AGIX) Finally Heading Back to Earth?

The SingularityNET (AGIX) price is correcting after a 1,285% increase since the beginning of the year. A short-term relief rally may occur before another decrease.

The AGIX price has been on an absolute tear since the beginning of the year. In a span of 37 days, the AGIX price increased by 1,285%, leading to a new all-time high of $0.67 on Feb.8.

However, the price fell sharply immediately after the all-time high and has decreased by 37.61% so far. The decrease was preceded by a bearish divergence in the daily RSI.

Currently, the price is attempting to reclaim the 0.618 Fib retracement support level at $0.42. If it does, it would be possible for the correction to be done.

However, if the price fails to reclaim the area, it could fall down to $0.23.

A look at a lower time frame is required in order to determine if the AGIX price will reclaim the area or get rejected from it instead.

AGIX/USD Daily Chart. Source: TradingView

SingularityNET Price Begins Relief Rally

The wave count shows that the AGIX price is likely in wave four of a five-wave upward movement (black). Wave three extended considerably. The sub-wave count for it is given in red.

If the count is correct, the SingularityNET price is in an A-B-C corrective structure that will complete wave four. The most likely level for the wave to end is at $0.24. If the price closes below it, it could fall to the next support at $0.15. However, a relief rally is expected in the next 24 hours before the final drop. Afterward, an increase toward a new all-time high price is expected.

A fall below the wave one high of $0.073 (red line) would invalidate the bullish count and suggest that the price will fall below $0.04. 

A movement above the current all-time high would indicate that wave 5 is in progress. In that case, the next resistance levels would be at $0.84 and $1.06, respectively.

AGIX/USD Six-Hour Chart. Source: TradingView

To conclude, the most likely AGIX price forecast is a fall toward $0.23 followed by an upward movement toward a new all-time high. On the other hand, if the AGIX token price breaks down below $0.23, it could fall down to $0.14.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *