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SingularityNET (AGIX) Price on Brink of New All-Time High After 876% Increase

2 mins
Updated by Geraint Price
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In Brief

  • SingularityNET (AGIX) has increased by 876%.
  • It reclaimed the $0.42 resistance area.
  • AGIX is in the fifth and final wave of an upward movement.
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The SingularityNET (AGIX) price is in the fifth and final wave of a massive increase. It is not yet certain if the wave will continue extending or if a top is close.

The AGIX price has been on a tear since the beginning of the year, increasing by 876%. The upward movement led to a high of $0.48 in Feb. 2023. 

More importantly, the price reclaimed the $0.42 resistance area, which is also the 0.618 Fib retracement resistance level. If it validates it as support, the price could increase toward its all-time high of $0.67. 

On the other hand, a weekly close below the $0.42 area would mean that the breakout was illegitimate. In that case, the price could fall to the closest long-term support at $0.22. 

The weekly RSI is increasing and has not generated any bearish divergence yet, despite being overbought. Therefore, the increase may continue toward the all-time high.

SingularityNET (AGIX) Weekly Price
AGIX/USD Weekly Chart. Source: TradingView

AGIX Price Forecast: Retracement or All-Time High?

The technical analysis from the daily chart gives conflicting signs. The AGIX price is likely in the fifth and final wave of an increase. The closest Fib target for the move is at $0.52, created by the 1.61 length of waves one and three combined. However, the increase seems to have lost a little steam over the past 24 hours.

If the price gets there, whether the daily RSI generates bearish divergence or not can determine the future trend’s direction.

SingularityNET (AGIX) Wave Count
AGIX/USD Six-Hour Chart. Source: TradingView

To conclude, the future AGIX price trend is unclear. While a high of $0.52 is expected, whether the RSI generates bearish divergence once it gets there could determine the direction of the next move. A bearish divergence could mean that the upward movement is complete, while a lack of divergence could lead to a new all-time high.

For BeInCrypto’s latest crypto market analysis, click here.

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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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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