The crypto market is showing mixed signs with some tokens flashing green and others red. The hourly time frame is bullish for most of the top cap cryptos with most of them still recording losses in the daily timeframe. The biggest cryptocurrency by market cap Bitcoin is trading at $23,743 after dropping 3.4% over the last day. AGIX price is also flashing red with 5.5% losses on the day to trade at $0.436 at the time of writing.
Note that Bitcoin rose to as high as $25,000 on Thursday since June 2022, after January’s consumer price index report saw inflation increase 0.5% for an annual increase of 6.4% to start off 2023. The performance of the pioneer cryptocurrency also lifted the second-leading cryptocurrency, Ether, which rose to its highest point since September—about $1,700.
Meanwhile, the market sentiment seems to be turning positive as the Fear and Greed Index flipped positive. According to data from Alternative, the Crypto Fear and Greed Index moved back to the “Greed” zone after dropping to the “Neutral” zone last week.
Crypto Fear and Greed Index
This means that investors are regaining confidence in digital assets and are moving in to buy more. The ensuing demand pressure is set to increase the value of tokens across the board.
Is AGIX Price Primed For a Rise To $1?
AGIX price has turned down from the flag’s upper line at $0.5 and has dropped more than 5% over the last 24 hours to continue trading within the confines of a bullish flag, as represented in the daily chart (below) below. The price rallied 260% from $0.166 support wall to $0.60 before retracing lower.
At the time of writing, SingularityNET’s native token was trading at $0.43 as bulls fought immediate overhead pressure from the technical pattern’s resistance line at $0.47. A daily candlestick close above this level would confirm an upward breakout, setting the AGIX price up for a value increase. If this happens, it could pave the path for the token to climb higher to battle resistance from the $0.60 level, which coincides with the tip of the flag’s post.
A decisive breakout would be achieved if AGIX shattered this resistance to face selling pressure from supplier congestion at the $0.67 high. If this happens, the AGIX price may rise from the said level with the bulls setting their eyes on the $1.0 psychological level. Such a move would represent a 129% ascent from the current price level.
AGIX/USD Daily Chart
SingularityNET’s positive outlook was substantiated by the Simple Moving Averages (SMAs), which were facing northward to reinforce the possibility of an upward rally. Further authenticating the upward thesis was the robust support provided by the 50-day, 100-day, and 200-day SMAs downward at the $0.22, $0.13, and $0.091 levels respectively.
Additionally, the Relative Strength Index (RSI) was moving upward toward the positive region. The price strength at 59 suggested that the buyers were controlling the market.
On the downside, AGIX’s bullish narrative would be completely invalidated if buyer momentum wears down, and a daily candlestick below the middle line of the flag at $0.4 is achieved. The AI-related crypto could descend to hover around the demand zone between the lower line of the flag at $0.27 and the foot of the flag post at 0.166, within which the 50-day SMA sat. The AGIX price may consolidate here for a few weeks before making another attempt at recovery.
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