SingularityNET’s AGIX token has established a trading range from $0.90 to $1.47 as of mid-March. The digital asset now navigates this bracket, seeking a clear market direction. Consequently, the appearance of a bearish divergence sell signal complicates the short-term outlook for AGIX.
This phenomenon occurs when the asset’s price hits a new high while momentum indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO) show declining peaks, suggesting weakening momentum.
At press time, the price hovers at $1.30, highlighting the tension between potential growth and the risk of decline. The indicators signal a cautious environment for investors, hinting at the necessity for strategic decision-making in the face of possible corrections. The market’s volatility further complicates the scenario, making it difficult to predict the exact movement of SingularityNET’s value.
Moreover, the broader crypto market’s fluctuations play a crucial role in SingularityNET’s future trajectory. For instance, a positive shift in Bitcoin’s value to the heights of $75,000 or $80,000 could provide the necessary buoyancy for SingularityNET. Such a boost could facilitate a rebound from the midpoint of $1.18, setting the stage for an uptrend.
However, the weekend may bring increased selling pressure, potentially driving the price to a 30% drop, thereby testing the resilience of the $0.90 support level. This scenario underscores the precarious position of SingularityNET within the current market landscape.
SingularityNET’s current market dynamics display a bearish picture as the price corrects the current ascending pattern. After facing a stiff rejection at the $1.45 region, AGIX has been trending downwards, indicating a bearish reversal.
Despite the reversal, AGIX has showcased a tremendous journey with weekly and monthly gains of 20% and 80%, respectively. The market cap has a value of $1.67 billion with a decrease of 2%, while the trading volume has dropped to $197 million, recording a significant decline of 35%.
