SingularityNET Price Prediction 2024: AGIX Price Analysis

Key Takeaways

• SingularityNET is a platform that allows people to create AI programs on the blockchain.
• Its native token, AGIX, reached its all-time high price in March 2024 but has fallen since.
• Our price predictions suggest AGIX will reach another all-time high this year and complete its cycle.

SingularityNET and its native AGIX token aim to cross the divide between the blockchain and AI. The AGIX price increased rapidly in the first portion of 2024 but has corrected since March. It is important to note that SingularityNET, Ocean Protocol and Fetch.ai will merge in July and create the ASI alliance.

SingularityNET did not immediately respond to a request for comment.

Let’s examine some of the AGIX price predictions made by CCN on June 21, 2024. It is crucial to bear in mind that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate.

SingularityNET Price Prediction

How Do We Make a SingularityNET Price Prediction?

There are two methods used to create our SingularityNET price predictions. More specifically, these are fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two methods gives the average SingularityNET price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Fractal Prediction

In July 2020, the AGIX price broke out from a long-term descending resistance trend line. Shortly afterward, the weekly RSI moved into overbought territory. This confirmed the price had started a new upward trend.

Both the price and the RSI reached higher highs in April 2021. However, the actual market cycle high was reached in September and was combined with a bearish divergence in the weekly RSI (green).

So, a breakout from a long-term descending resistance trend line led to a pronounced upward movement. After two RSI higher highs in overbought territory (black icons), the market cycle top was combined with a bearish divergence in the indicator.

A nearly identical movement has transpired since the start of 2023. At the time, AGIX broke out from a descending resistance trend line and the RSI moved into overbought territory shortly afterward.

Then, the AGIX all-time high price of $1.46 coincided with a higher high in the RSI. While the AGIX price has corrected since, the pattern suggests another high is likely, which will be combined with a bearish divergence in the RSI (green).

The movement from the 2020 breakout to the second high took 400 days and amounted to an increase of 7,000%.

Conversely, the 2023 increase was smaller at 4,200% but spanned a longer duration. More specifically, it took 602 days to reach the all-time high.

So, the 2024 movement is 0.6 times as powerful as the one in 2020 and lasts 1.5 times longer. We can use these ratios to predict the next high by comparing it to the original one.

Doing so leads to a high of $1.63 in September 2024. Then, a similar correction toward the support after the first high can follow.

The fractal method leads to a prediction of $0.17 at the end of 2025 and $0.95 at the end of 2024.

Wave Count Method

The wave count shows that both the 2020 and current increases are part of five-wave upward movements. However, the relation between the waves has no similarities.

In the 2020 one, waves one and three extended, while waves three and five have extended in the current movement. So, it is not possible to use the 2020 ratios to predict the current increase.

Rather, regular Elliott Wave ratios for the 2024 movement can help determine the top of the current increase.

The 3.61 external Fibonacci retracement of wave four (white) predicts a high of $2.01, and the 1.61 external retracement of sub-wave four (black) gives the same target. Because of this confluence, it is possible AGIX will reach a top at this level.

Since wave five has extended, it can have the same duration as waves one and three combined. This implies the $2.01 high will be reached in December 2024.

Then, we can use the fractal from the previous method to predict the correction, which will likely end at the bottom of wave four.

The wave count method leads to a price of $1.55 at the end of 2024, and $0.62 at the end of 2025. Afterward, we use the rate of increase for the past five years to determine the AGIX price at the end of 2030.

Since June 2019, AGIX has increased by 1,800% in 1,827 days, leading to a rate of increase of 1% per day.

Projecting this ratio until the end of 2030 leads to a price of $15.55. Adding and removing 20% to this value gives the maximum and minimum predictions of $18.61 and $12.27, respectively.

SingularityNET Price Prediction for 2024

The AGIX price prediction for the end of 2024 is similar in both the fractal and wave count, in the sense that both suggest that the price will be trending downward at this time. However, the exact values differ at $0.95 and $1.55, respectively.

SingularityNET Price Prediction for 2025

The 2025 predictions also suggest AGIX will be mired in a downtrend. However, the actual values differ significantly, being at $0.17 in the fractal method and $0.65 in the wave count.

SingularityNET Price Prediction for 2030

The AGIX price prediction for the end of 2030 uses the current rate of increase. A price between $12.27 and $18.61 is likely if a similar rate of increase continues for the foreseeable future

AGIX Price Analysis

The daily time frame AGIX price chart aligns with the long-term predictions. It suggests AGIX has corrected inside an A-B-C corrective structure since its March all-time high. The decrease is contained inside a descending parallel channel.

If the count is accurate, AGIX completed its correction on June 18 (green icon) and began the final portion of its increase.

This will be confirmed with a breakout from the parallel channel, especially if it is combined with a MACD movement above 0 and an RSI increase above 50. Conversely, a rejection from the middle of the channel can trigger a drop to its support trend line at $0.46.

AGIX Price Performance Comparisons

AGIX is part of the Artificial Intelligence (AI) category of cryptocurrencies, so let’s compare it with other projects from the same category that have a similar market capitalization.

SingularityNET has been a below average performer compared to the other AI cryptocurrencies.

AGIX Price History

AGIX launched in January 2018 and its price fell immediately after launch. The decrease continued until March 2020. While that increase did not lead to a new all-time high, the one after the 2023 breakout did.

However, while AGIX reached a new all-time high price in March 2024, it has fallen since.

Who Owns the Most AGIX?

As of June 21, 2024, the top five biggest AGIX addresses  were:

• 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet holds 168,211,891 AGIX (14.68% of the total supply)
• 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet holds 114,628,320 AGIX (10.01% of the total supply)
• 0xbe0eb53f46cd790cd13851d5eff43d12404d33e8. This wallet holds 70,000,000 AGIX (6.11% of the total supply)
• 0x13e1367a455c45aa736d7ff2c5656ba2bd05ad46. This wallet holds 35,937,010 AGIX (3.14% of the total supply)
• 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b. This wallet holds 25,568,437 AGIX (2.23% of the total supply)

AGIX Supply and Distribution Fact Box

Maximum supply2,000,000,000

From the Whitepaper

According to its whitepaper , AGIX is the native token of SingularityNET, a decentralized platform that connects AI and machine learning tools to form more effective applications and ultimately achieve artificial general intelligence (AGI).

The platform allows developers to monetize their AI tools, promoting a more open and collaborative AI ecosystem.

SingularityNET (AGIX) Explained

SingularityNET  is a platform designed to allow people to build their own AI programs on the blockchain. 

Created in 2017 by tech experts and entrepreneurs Ben Goertzel, David Hanson and Simone Giacomelli, SingularityNET, which is based on the Ethereum (ETH) blockchain and also has a connection to the Cardano (ADA) blockchain.

It is supported by the SingularityNET cryptocurrency, known by the ticker handle AGIX.

How SingularityNET Works

SingularityNET is, in basic terms, a development platform for AI programs and services. People can sign up and create their AI systems, supported by the power and privacy that the blockchain provides.

In terms of AGIX, people who hold it can take part in votes on the future of SingularityNET, while it is also used to pay to access AI services on the system’s marketplace. AGIX can also be staked, or set aside in order to provide liquidity, with the people who do that entitled to rewards. 

Is SingularityNET a Good Investment?

AGIX has performed admirably in 2023 and the first quarter of 2024. However, it fell significantly after the all-time high in March.

The success or failure of the ASI alliance will be critical in its future performance, since AGIX will be swapped with ASI at a rate of 0.41 to 1.

As with every cryptocurrency, you will need to make sure you do your own research before deciding whether or not to invest in AGIX.

Will SingularityNET go up or down?

The daily time frame AGIX price chart does not confirm whether a bottom has been reached. Rather, a breakout from the channel will indicate an upward movement has started. On the other hand, a decrease to the channel’s support trend line can be an optimal level for a bounce.

While the long-term SingularityNET price predictions are largely positive, at least for the rest of 2024, they have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in SingularityNET?

Before you decide whether or not to invest in SingularityNET, you will have to do your own research, not only on AGIX, but on other related cryptocurrencies. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

SingularityNET Attention Tracker

The chart above shows the SingularityNET Google search volume for the past 90 days. It represents how many times the term “SingularityNET” has been Googled over the previous 90 days.

FAQs 

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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