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SingularityNET Price Prediction: Will AGIX Prices Decline Further?

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SingularityNET Price prediction
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AGIX price saw a bullish rise in the month of March when the prices started to rise from the low of $0.28510 level. The move led to the creation of March highs at $0.59, and also went on to cause a rally of roughly 105% in a span of 8 days. The price then got corrected and the bullish move fell straight down, to below the price level from where the bullish rally started which is $0.2851. 

Recently, the AGIX price formed support at $0.235 level after melting down, and again regained bullish momentum to retest the previous zone and support turned resistance level of $0.317. The AGIX price is currently headed toward the immediate support level of $0.2635 level. 

If the price gains bearish momentum and shatters the support level of $0.2635, there is a possibility that the price might head toward the next support level of $0.235 level. 

SingularityNET Price Prediction: Will AGIX Prices Decline Further?
Source: AGIX/USDT by TradingView.

On the other hand, however, if bulls are able push the price above the resistance level of $0.317 level, the price might enter back into its previous zone. Thus, for the price to regain solid bullish momentum, it needs to rise above the resistance level of $0.4367 level. 

Crypto-AI industry Faces Declines

Three months ago, 74 crypto-AI digital currencies had a market worth of over $4 Billion. However, they have currently lost more than $1 Billion in value. A declining interest in crypto-AI indicates an industry’s decline as valuation falls. According to Google trends, the crypto-AI trend peaked in the month of February 2023, with a score of 100. 

The increase came after the investment of Microsoft in OpenAI, parent company of ChatGPT. The current AI sector market capitalization is $3.13 Billion with 0.27% sector dominance and decrease of 0.03% in the last 24 hours. 

Will AGIX Price Decline to $0.235 Level?

SingularityNET Price Prediction: Will AGIX Prices Decline Further?
Source: AGIX/USDT By TradingView.

Chaikin money flow score is 0.04, which indicates strength in the market but also shows divergence with the current bearish price action. However, in the upcoming days, CMF might fall down below the 0 mark. The RSI trades at 46.29 denoting that price is in a neutral territory facing the same pressure from bulls as well as bears. This also in a way indicates that prices might stay above the support level of $0.2635. 

AGIX price has crossed the 20-day SMA of bollinger bands negatively and is headed towards the lower band which resides near the immediate support. The long/short ratio for SingularityNET is 0.83 with 45.59% longs and 54.41% shorts indicating an increase in the participation of sellers in the last 24 hours. 

Conclusion

The market structure and price action for AGIX price is bearish and it is headed toward the immediate support of $0.2635. The technical indicators are showing mixed signals and are in an indecisive state. The crypto-AI industry is facing a decline which has led to downfall in the AI-based crypto token.

Technical levels

Major support: $0.235 and $0.2635 

Major resistance: $0.317 and $0.359 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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