Categories: Crypto News
| On
2023-12-05 12:04 PM

SingularityNET’s Surge Faces Supply Hurdle

  • SingularityNET (AGIX) Experiences Notable Uptrend: Since October 20, AGIX has seen a significant rise, soaring over 95% above its $0.15858 support floor and now confronting a major supply barrier.
  • Critical Price Inflection Point: To sustain its bullish trend, SingularityNET must close above $0.30541, with a decisive move above this level potentially setting the stage for further growth towards the $0.34000 mark.
  • Mixed Technical Indicators: The Relative Strength Index (RSI) suggests strength, but there are signs of bearish momentum too. If bullish support weakens, AGIX could face a potential 10% decline to its next support level at $0.27754.
By Nonhlanhla

SingularityNET (AGIX), the AI-focused cryptocurrency, has been on a notable upward trajectory since October 20, rallying impressively from the $0.15858 support floor. Now standing over 95% above this level, the crypto coin is encountering a critical supply barrier that might cap its upward momentum.

Inflection Point for SingularityNET’s Price

Currently, SingularityNET’s price is bullish, trading within a supply zone ranging from $0.29380 to $0.31586. To sustain its uptrend, AGIX needs to close above $0.30541, the midline of this supply barrier.

A decisive break above $0.30541, turning the $0.32000 level into a bullish zone, could signal a continuation of the current trend. Such a move might push SingularityNET’s price toward the psychological mark of $0.34000, indicating a potential 10% rise from present levels.

Technical Indicators Suggest Mixed Signals

The Relative Strength Index (RSI) remains strong, above 50, and the Awesome Oscillators (AO) indicators are positive, providing hope for the bulls. However, a downward trend in the RSI and red bars on the AO hint at increasing bearish momentum. Should the bulls lose strength, bears might dominate, potentially leading to a decline in AGIX price towards the lower end of the supply zone at $0.29380.

Potential Downside Risks

If SingularityNET fails to maintain support at $0.29380, a further decline could be imminent, possibly reaching the next congestion point at $0.27754. This would represent a 10% drop from current levels.

Relevance to South African Market

For South African crypto investors and enthusiasts, the developments in SingularityNET are of significant interest. The performance of AGIX offers insights into the broader AI cryptocurrency sector, a niche area of growing importance. As South Africa continues to explore and adopt blockchain and AI technologies, understanding market dynamics of coins like SingularityNET becomes crucial for informed investment decisions. The potential rise or decline of AGIX could influence investor sentiment and strategy in South Africa’s vibrant cryptocurrency market.

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Nonhlanhla

Nonhlanhla P Dube is a senior news reporter. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her on: Email: nonhlanhla@rateweb.co.za