- The social sentiment and on-chain exercise have been extraordinarily constructive
- The technical evaluation highlighted two key ranges for buyers to look at
SingularityNET [AGIX] noticed a rally of epic proportions in February. The token costs rose from the lows of $0.256 on the first of February, to commerce at $0.697 at press time. This represented positive factors of simply over 170% in 23 days.
The transfer above the $0.31 resistance on fifteenth February drove nearly all of these positive factors. The $0.6 resistance was beforehand examined in March 2023, however the current surge noticed this degree smashed aside. How a lot greater might the bulls take AGIX?
The Fibonacci ranges confirmed a possible high was imminent
Supply: AGIX/USDT on TradingView
Based mostly on the rally from $0.157 to $0.367 that befell from October to December 2023, a set of Fibonacci retracement ranges (pale yellow) have been plotted. These ranges have been chosen as a result of the retracement in January noticed the 61.8% degree at $0.237 retested thrice as help.
Since then, AGIX has trended greater strongly and damaged previous the 100% extension degree. At press time, it was near the 200% extension degree at $0.788. This could possibly be a degree that AGIX bulls get exhausted at.
The RSI has been in overbought territory on the 1-day chart for greater than per week now. Nonetheless, this doesn’t necessitate a pullback by itself, because the buying and selling volumes proceed to be extraordinarily excessive.
The OBV mirrored this with a robust surge over the previous ten days. Subsequently, merchants also needs to be ready for a continued AGIX rally to the 300% extension degree at $0.998.
Since this degree is near the psychological $1 mark, AGIX holders can plan to scale out of their positions between the 200% and 300% extension ranges.
The short-term sentiment massively favors the patrons
Supply: Coinalyze
The Open Curiosity soared massively over the previous two days as AGIX jumped from $0.5 to succeed in $0.69. This confirmed speculators have been assured going lengthy and highlighted bullish sentiment.
Nonetheless, the spot CVD has trended decrease over the previous 5 days. The dwindling shopping for quantity supported the concept that AGIX may kind a native high close to the $0.788 degree.
How a lot are 1, 10, or 100 AGIX value at present?
A current Santiment submit on X (previously Twitter) famous that the on-chain exercise was extraordinarily excessive.
Different metrics comparable to holder progress and social dominance have been additionally rising, which painted an image of sturdy bullish sentiment behind SingularityNET.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
