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Analysis

SingularityNET (AGIX) Has More in the Tank as Price Recovers From Early-March Sell-Off

2 mins
Updated by Ryan James

In Brief

  • AGIX rebounded to the $0.50 zone after a 50% retracement weeks ago.
  • Savvy whales have entered a fresh accumulative wave.
  • Social Sentiment in the SingularityNET ecosystem signals a local low.
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AGIX has kept hopes of a sustained bull rally alive after rebounding above $0.50. With the social sentiment in the SingularityNET community still gloomy, is it time to buy the dip? 

Media attention surrounding SingularityNET has waned in recent weeks. It could signal a perfect entry point for investors that missed the last rally. 

Media Spotlight on SingularityNET Has Cooled 

SingularitityNET (AGIX) attracted significant media attention after an astonishing 1000% growth that catapulted the crypto into the top 100 ranking crypto projects. On March 10, AGIX dropped below $0.29, raising bearish concerns among investors. However, the rising AI token has since made a 50% rebound. 

On-chain metrics show that the sentiment surrounding AGIX is still negative. According to Santiment, the mentions of SingularityNET across popular crypto media channels have decreased significantly in the past month. 

As shown by the red line in the chart below, SingularityNET’s social dominance has reduced considerably from 0.38% on Feb. 19 to 0.015% as of March 23. 

SingularityNET Social Dominance, March 2023.
SingularityNET Social Dominance, March 2023. Source: Santiment

When social dominance declines, it indicates a pessimistic mood among token holders and network participants. Crypto investors who missed the 1000% price increase in January may now consider entering the market. 

Furthermore, the recent accumulation trend among crypto whales suggests that AGIX could experience more upswing in the future. 

Data from blockchain analytics firm Santiment shows how an important group of whales has strategically positioned for another AGIX price rally. 

Crypto wallet addresses holding between 10 million to 1 billion units of AGIX have increased their balances in recent weeks.

After taking profits in early March, the aforementioned group of whales has now added about 10 million AGIX to their holdings, worth approximately $5 million, within the five trading days that preceded March 23. 

SingularityNET (AGIX) Whales Accumulation, March 2023
SingularityNET (AGIX) Whales Accumulation, March 2023. Source: Santiment

Considering their financial power and ability to influence price swings, AGIX holders can expect more upswings in the coming weeks if the whales continue to buy. 

AGIX Price Prediction: $0.60 is Within Reach

Santimemt’s market value to realized value (MVRV) shows that investors who bought AGIX in the past 30 days are now at a 4% profit. A closer look at historical MVRV trends shows that AGIX investors will likely start selling when the price reaches $0.58, around the 25% profit line. 

If this resistance does not stop the rally, $0.66 could be the next profit-taking zone, where holders would be sitting on 40% gains. 

SingularityNET (AGIX) MVRV (30D), March 2023.
SingularityNET (AGIX) MVRV (30D), March 2023. Source: Santiment

Still, if AGIX enters a downtrend, holds will likely stop the sell-off at $0.35, around the 26% loss line. If this support range cannot hold, AGIX may again fall below $0.25.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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