AGIX Price Forecast: Can SingularityNET Break Out of Its Consolidation Phase?
AGIX price prediction for January 2024 indicates a potential increase with moderate returns. SingularityNET’s price has been stuck in a narrow consolidation range and has struggled to break out. However, the 50-day and 200-day exponential moving averages (EMA) in AGIX tokens have provided strong support.
The current range for AGIX is between $0.27580 and $0.36695, with buyers attempting multiple breakouts. Unfortunately, the presence of strong sellers has prevented the price from breaking out of this range. Despite this, the short-term trend remains upward as the price trades above the 50-day EMA, indicating the presence of bullish momentum.
Over the past two months, SingularityNET’s performance has disappointed investors, and the chart pattern does not suggest any clear signs of range expansion. As a result, it is risky to enter new long positions until a breakout occurs. AGIX’s price requires the participation of crypto whales and genuine investors to push it higher.
Currently, the AGIX/USDT pair is trading at $0.33852, with a 1.09% increase in the past day. Trading volume has also increased by 20% in the last 24 hours, with a volume to market cap ratio of 0.0543.
The AGIX price prediction remains bullish in the short term as long as it holds the $0.25000 support level. However, momentum will increase once buyers break above the $0.36695 resistance. SingularityNET’s lack of direction suggests that consolidation may continue, and investors should consider buying near the lower range support to generate minor gains. Patience is key as investors wait for a breakout.
In addition, the overall market sentiment may be positively impacted by the recent swing highs of major cryptocurrencies like ETH and BTC. This could potentially have a favorable effect on the price of AGIX and other altcoins.
In conclusion, the AGIX price prediction leans towards a short-term rise, but there are currently no clear signs of range expansion. Aggressive traders may engage in scalping for minor gains, while conservative investors should refrain from taking positions until a breakout occurs.
Technical levels to watch include resistance levels at $0.36695 and $0.44489, and support levels at $0.25000 and $0.22339.
Disclaimer: The views and opinions in this article are for informational purposes only and do not constitute financial or investment advice. Investing in or trading crypto assets carries a risk of financial loss.
About the Author:
Steefan George is a crypto and blockchain enthusiast with a strong understanding of market dynamics and technology. Holding a graduate degree in computer science and an MBA in BFSI, he utilizes his expertise to contribute as a technology writer at The Coin Republic. He is passionate about democratizing this revolutionary technology and strives to explain complex concepts in a simple manner.