After going back up above $0.50, AGIX has given investors hope for a long-term bull run. Even though people in the SingularityNET community are feeling down, investors may want to buy the dip because less media attention is being paid to the project.
After AGIX's impressive 1000% growth, which put it in the top 100 crypto projects, the token's drop below $0.29 on March 10 sparked fears of a bear market. However, since then, an amazing bullish recovery was seen to take the price above 50%.
On-chain metrics show that people don't like AGIX, as its mentions in crypto media have dropped significantly in the last month. However, the recent trend of crypto whale involvement suggests that AGIX could increase even more. Santiment, a blockchain analytics company, says that the balances of crypto wallet addresses that hold between 10 million and 1 billion units of AGIX have gone up in the past few weeks.
After making money at the beginning of March, this group of whales added about 10 million AGIX, worth about $5 million. Due to the involvement of whales, AGIX holders may see more price swings in the coming weeks if the sentiment remains unchanged.
Let’s see the upcoming SingularityNET (AGIX) Price Prediction from the AGIXUSDT technical analysis:
AGIX/USDT Needs A Push From The Daily Demand Zone
The bullish price action in the AGIX/USDT price is backed by two consecutive bullish monthly candles. However, an impulsive movement might come with a correction, creating bearish possibilities in this pair in the coming days.
In the daily price action, the bullish pressure since the beginning of 2023 came with multiple imbalance formations that could fill before forming another bullish leg.
The price trades at the premium zone from the 0.2854 low to the 0.6691 top in the current tradable range. Therefore, a bearish possibility is potent in this pair as long as the price trades above the 0.4354, 50% Fibonacci Retracement level of the tradable range.
In the broader context, the current consolidation after the bull run indicates that bulls are taking profits, where a further negative fundamental event could boost the bearish opportunity.
In the near-term price action, a new swing high formation with a bullish break of structure at the 0.5592 level made the 0.3497 to 0.2853 area a valid demand zone. Therefore, the trend continuation opportunity may come after visiting this zone with a bullish rejection of the candlestick formation.
The main chart supports the stable bullish trend by dynamic levels. The 100-day SMA is below the current range, aimed higher, while the 20 DMA is below the price. Moreover, the high volume level since January 2023 is just below the current price at 0.4237 level. It is a sign of a reaccumulation of bull orders that can resume the existing trend.
In the daily outlook of SingularityNET Price Prediction, investors should closely monitor how the price reacts to the current tradable range. Any bullish rejection from the high volume level or demand zone could offer a trend trading opportunity, targeting the 0.8000 level.
On the other hand, a strong bearish break with a daily candle close below the 0.2853 level could eliminate the bullish structure and initiate a deeper discount towards the 0.1359 level.
AGIX/USDT Ichimoku Cloud Analysis
In the H4 chart, the broader outlook is different as the current price is trading sideways within a descending channel.
There is a flip in the future cloud by moving the Senkou Span A below the B. It is a sign that a bearish possibility is potent in this pair, and a rebound is needed before opening a trend trading opportunity.
In this indicator window, the current Relative Strength Index (RSI) shows a corrective momentum by moving sideways at the 50.00 level.
Based on the H4 AGIX Price Prediction, the bullish opportunity needs a rebound with an H4 candle close above the 0.5089 level. It will open a long opportunity towards the target of 0.5896 resistance level.
On the other hand, the existing downside pressure is solid below the dynamic Kijun Sen resistance level, which can lower the price towards the 0.4119 support level.
AGIX/USDT Intraday Price Action Analysis
In the H4 chart, the current price is trading below the visible range high volume level of 0.4947, which is a primary indication of a possible bearish pressure in the coming hours.
The existing bullish leg from 0.2854 to 0.5896 left some point of interest levels at 0.4118, 0.3732 and 0.3428. As the current price is below the high volume level, the institutional interest could extend the selling pressure by testing these POI levels before forming a bullish signal.
A sideways market is visible from the indicator window where the current MACD Histogram is extremely corrective in the neutral zone.
Based on this SingularityNET Price Forecast, a sufficient downside correction is needed before forming a bullish trade setup. Investors should monitor above marked POI levels from where a strong bullish rejection could offer a long opportunity.
Is AGIX/USDT A Buy?
Based on the current SingularityNET Price Prediction today, the bullish trend continuation opportunity needs more time. A sufficient downside correction is needed to complete the profit taking, but a strong rebound is possible from the near-term daily demand zone.