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ThecoinrepublicMarketAGIX token price surged 200%,Is this a...
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AGIX token price surged 200%,Is this a genuine buying or a trap?

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  • AGIX token price broke out of the previous week high and continuing the up-move
  • AGIX crypto price races toward the all time high at $0.66500
  • AGIX price sustained above 50 and 200 day EMA but the RSI entered into the overbought zone

SingularityNET (AGIX) token price is trading with bullish cues and bulls are trying to push the price towards the new all time high. However, prices seem to be overextended and might face rejection from the highs. Currently, The pair of AGIX/USDT is trading at $0.58008 with an intraday gains of 36.48% and the 24-hour volume to market cap ratio at 0.5782

Will the AGIX price test the All time high ? 

Source :  AGIX/USDT daily chart by Tradingview

On a daily time frame, SingularityNET crypto price is in uptrend and rising upward by forming higher high candles shows the confidence of the bulls but prices seems to be overextended and likely to take halt near the all the high. Recently, In the beginning to february, AGIX price broke out of the swing high hurdle at $0.2572 with the giant bullish candle which have derived the positive sentiment and prices shot up 130% approx in the short span of time.

AGIX prices are sustained above the 50 and 200 day EMA indicates that the positional trend is in the favor of bulls and the volume bars are also increasing shows that some genuine buyers have taken long positions and are expecting the price to hold the monthly gains. However, token price is near to the all time high which will act as an immediate hurdle for the bulls and price is expected to see some consolidation before deciding the further direction.

AGIX technical indicators like MACD have generated a positive crossover indicating the bullishness to continue in the coming days but the RSI curve has entered into the overbought zone which might create trouble for the short term traders. On the other hand, if prices get rejected from the hurdle levels then $0.40041 will act as a savior for the bullish traders. 

Summary

AGIX token prices had shown a massive up-move and price shot up 200% on monthly basis which shows that the prices are over extended and might enter into the consolidation.Therefore, traders may wait for retracement toward the support zone for building up long positions in a favorable risk reward scenario by keeping the $0.25712 as SL 

Technical levels

Resistance levels : $0.66625 and $0.8000

Support levels : $0.40041 and $0.25712

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
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