Here’s Why SingularityNET Coin Is At Crucial Make-or-Break Situation
Amid the increasing selling pressure in the market during early February, the SingularityNET coin price turned down from a long-coming resistance level of $0.666. The resulting downfall tumbled 46.7% where it rested at local support of $0.358. Furthermore, the price trend turned sideways above this support creating a short consolidation phase. If we look at the bigger picture, this ongoing retracement phase is part of a famous bullish pattern called cup and handle.
Key Points:
- A narrow range stretched from $0.49 and $0.358 can significantly influence the AGIX coin’s future price.
- The 20-day EMA is offering strong support AGIX price.
- The intraday trading volume in AGIX is $115 Million, indicating a 13% loss.
Source- Tradingview
The last one-and-a-half-year price action in the SingularityNET coin shows the formation of a cup and handle pattern. This pattern is characterized by a rounding bottom recovery which is the cup and a short counter trend move i.e. handle.
As mentioned, the AGIX price is currently going through the handle portion which has bottomed at the 0.358 mark. In theory, this handles the severe purpose of validity price sustainability about the reclaimed levels.
As of now the SingularityNET coin price currently trades at the $0.398 mark and continues to hover above the $0.58 local support. This consolidation has marked two crucial levels including the $0.58 support and $0.49 resistance.
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During this sideways, if the buying pressure recuperates, the coin price is likely to Breach the $0.48 resistance. This bullish record will indicate the market sentiment is set for buying on dips and resuming the prior trend.
The post-breakout rally will cause celebrity buying pressure and push the prices 40% to reach the neckline resistance of the $0.66 Mark.
On a country note, if the conference breaks below the $ 0.35 support will weaken the bullish thesis.
Technical Indicator
RSI: The daily RSI slope managed to sustain above the midline indicates the market sentimental is bullish
Trend-Based Fibonacci Extension: as per this indicator the post-correction rally may push the AGIX price to potential targets of $0.747, $0.85, and $0.97.
AGIX Coin Price Intraday Levels-
- Spot rate: $0.4
- Trend: Bullish
- Volatility: High
- Resistance level- $0.479 and $0.66
- Support level- $0.358 and $0.23
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