Price Analysis

AGIX Price Analysis: Watch this Before Buying AGIX Token

AGIX Price Analysis: Under the influence of a falling channel pattern, the AGIX price is likely to witness a significant upswing

Published by

Brian Bollinger

Published 20 May, 2023 | 06:16:41 PM UTC

AGIX Price Analysis: Watch this Before Buying AGIX Token

AGIX Price Analysis: Over the last two months, the SingularityNET coin has witnessed a steady downfall under the influence of a falling channel pattern. From the peak of $0.59, the prices tumbled 49.7% to reach the current price of $0.29. However, in theory, this pattern offers a significant upswing once the price breaches the resistance trendline. Here’s how trades may find a long opportunity with this pattern.

Key Points

The ongoing downfall in AGIX price is governed by a falling channel pattern
A bullish retracement to 23.6% Fibonacci retracement level would indicate a high possibility for downtrend continuation
The 24-hour trading volume in the SingularityNET coin is $402.2 Million, indicating a 223% gain.

Source-Tradingview

On May 19th, the AGIX price witnessed a significant inflow and showcased a breakout attempt from the resistance trendline of the channel pattern. However, the buyers couldn’t close the candle above the trendline, indicating the sellers are still active at this resistance.

By the press time, the AGIX price trades at $0.298 with an intraday loss of 2.2%. This red candle at crucial resistance reflects a higher possibility of price reversal which may trigger another bear cycle.

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The potential downfall may plunge the price around 35-40% to hit the lower support trendline near $0.19.

Anyhow, a breakout above the overhead trendline is crucial and signals signs of a trend reversal.

Technical Indicator

Exponential Moving Average: A breakdown below the recently reclaimed 20-day EMA slope will give additional confirmation for a fall to a lower trendline.

Relative Strength Index: A significant rise in the daily RSI slope reflects the rising buying pressure in the market which should eventually breach the overhead trendline.

AGIX Coin Price Intraday Level

Spot price: $0.298
Trend: Bearish
Volatility: Medium
Resistance levels: $0.327, $0.337
Support levels: $0.295 and $0.225

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 20 May, 2023 | 06:16:41 PM

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