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SingularityNET Price Jump 40% — AGIX Flashing Buy Signal

Last Updated June 20, 2024 9:39 PM
Nikola Lazic
Last Updated June 20, 2024 9:39 PM

Key Takeaways

  • AGIX recovered 40%, reaching $0.70 after a significant loss.
  • SingularityNET formed the Artificial Superintelligence Alliance.
  • Alliance’s merger and events catalyzed AGIX’s price rise.

The price of SingularityNET’s AGIX token lost nearly 70% of its value from March 9, falling from $1.50 to a low of $0.46 on June 18. However, it increased yesterday and has recovered by 40%, reaching $0.70 today. 

This upturn made AGIX the second-largest gainer, with technical indicators flashing buy signals. Is there more upside yet to come?

What Caused The Rise? 

SingularityNET, a decentralized AI technology leader, announced on March 27, 2024, that it had joined forces with Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance.

By merging their tokens into the new ASI token, the alliance seeks to democratize access to AI technologies and encourage ethical AI practices across a scalable platform. 

The formation of the Artificial Superintelligence Alliance is a pivotal development for SingularityNET. The alliance’s upcoming activities, including a summit and Super Launch Party, catalyzed the AGIX price rise. 

These events will also highlight the integration of $FET, $AGIX (SingularityNET’s token), and $OCEAN into a single AI-focused token, Artificial Superintelligence (ASI), slated for July 5, 2024. This merger amplifies the impact of SingularityNET’s technology and cements its role at the forefront of a new era in AI technology governance.

AGIX Price Analysis 

After reaching an all-time high of nearly $1.50 on March 10, the price of AGIX entered a corrective phase. It made a double top, retesting this high again on March 29, and fell with stronger momentum to a low of $0.63 on April 13. A  recovery followed but was mostly sideways, ending on a lower high of $1 on May 22. 

AGIX
AGIXUSD | Credit: Nikola Lazic/Tradingview

On its next downturn, it fell lower than before, briefly dipping past $0.50 on June 18. The daily RSI was 23%, signaling oversold conditions and a potential reversal. MACD is starting to show a positive curvature, with its moving averages crossing to the upside. 

This makes the case for AGIX potentially starting its next major upward trend that could lead to a new all-time high. However, a true confirmation will come in the form of a breakout above the descending resistance and a successful retest for support. 

If this plays out, AGIX could be set to a journey to $2 by the time its new five-wave impulse ends. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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