Home
News
- 1 The AGIX total liquidations chart indicates that the short liquidation is plummeting and the long liquidation is surging steadily.
- 2 AGIX volume and price both rose steadily, highlighting an increase in demand and excitement.
SingularityNET is a protocol that runs on the Ethereum blockchain and lets anyone offer or use AI services in a decentralized way. It does not depend on any central authority to manage the transactions between AI service providers and users. The main currency of the SingularityNET network is the AGIX token, which stands for Artificial General Intelligence.
The AGIX token is mainly used to enable transactions within the SingularityNET platform. It acts as a medium of exchange between users who want to access AI services and providers who offer these services. The AGIX token supports the network’s utility by encouraging participation, allowing for the purchase of AI services, and influencing the direction of the platform’s development through a mechanism known as democratic governance.
Moreover, its platform has a unique goal of democratizing access to AI services. SingularityNET aims to create a global AI marketplace, where any AI service – from machine learning models to the complex AI algorithms – can be published, bought, and sold.
Basically, it intends to break the monopoly of large corporations over AI technology by building an environment of collaboration, open access, and transparent operations. The SingularityNET platform is also built to ensure interoperability among various AI services, enabling their combination and interaction to create complex AI models.
Besides being a medium of exchange on the SingularityNET platform, the AGIX token is also used to govern the network. Token holders have a voice in the direction of the platform’s development, including decisions about its rules, parameters, and the allocation of resources. This democratic governance model is part of SingularityNET’s wider vision of creating a decentralized and open AI ecosystem.
What AGIX Crypto, 3-Months Open Interest Shows?
SingularityNET (AGIX) open interest is $21.79 Million, as per Coinglass, a crypto data aggregator, with a 4.68% decline from the previous session.
The coinglass website shows the AGIX futures OI in USD chart. It reveals that the OI generated was low in September and October, and it stayed below roughly 15 Million. The AGIX price also lacked momentum and stayed around $0.18. However, in November, the OI increased and stayed mostly above 15 Million. The price also followed the OI and rose around $0.28, highlighting upward momentum.
Therefore, if more OI is generated in AGIX, there could be another spectacular rally. This could pierce through the resistance chart and climb to new levels.
AGIX Volume Analysis
The chart illustrates the relationship between the AGIX volume and its price. The Volume chart of AGIX shows that the asset volume and its price, both were low and almost stable in September and October indicating a lack of interest in AGIX and activity in the market. Volume was mostly below $10 Million, and the price was around $0.18.
However, in the last week of October, the AGIX volume and price both rose steadily. This signaled an increase in the demand and excitement in the AGIX price. The volume crossed the $15 Million mark and the AGIX price rose to around $0.28.
Lastly, the AGIX Volume chart shows that its volume and price were stable in November. This shows that the AGIX market price has reached a balance between buyers and sellers. The chart further implies that the AGIX volume and the price need another catalyst to break out of this range.
AGIX Total Liquidation Chart
According to the chart, from October 24th to November 21st, there were some spikes in liquidations that highlighted its outstanding performance. The long versus short ratio for 24 hours is 0.9417, which means that there are more longs than shorts. The total number of short positions added in the last 24 hours was $34.08K against the longs of $401.89K.
Moreover, the AGIX total liquidations chart indicates that the short liquidation is plummeting and the long liquidation is surging steadily, meaning that more traders are betting on AGIX price surge. This could make SingularityNET more attractive to investors, which, along with the buying pressure, could drive up its price.
What AGIX Price Chart Shows
The AGIX CMP is $0.28 with an intraday gain of 8.81%. It seems like the AGIX crypto might be ready for another rise, as it gathers strength by taking a halt in its recent bull run to break through the hurdle level and reach new heights from the level.
Therefore, if buyers sustain the pressure, AGIX price might surge strongly from current levels. The possible target is $0.33. On the contrary, if AGIX fails to hold its grip and breaches the $0.22 level, it may fall further.
Summary
In November, the OI increased and stayed mostly above 15 Million, highlighting upward momentum. The AGIX Volume chart shows that its volume and price have been stable in November. This showed that the AGIX market price has reached a balance between buyers and sellers as of now. The chart further implies that the AGIX volume and the price need another catalyst to break out of this range.
Moreover, the AGIX total liquidations chart indicates that the short liquidation is plummeting and the long liquidation is surging steadily. This could make SingularityNET more attractive to investors, which, along with the buying pressure, could drive up its price.
Technical Levels
Support Levels: $0.22
Resistance Levels: $0.33
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
