SingularityNE (AGIX) Price Could Recover In The Near Term, Here’s Why?

By David 09/7/23 10:22 AM

The price of SingularityNET (AGIX) has reached a significant support level and is showing short-term bullish signals. It has the potential to recover from the current price level.

Key Support Zone

The price of SingularityNET (AGIX) has been declining since it was rejected at the all-time high of $0.65 in February 2023. This downward movement brought the price to a crucial support level at $0.17 in early June and again in mid-August.

After three weeks of consolidation (represented by the green ellipse), AGIX is currently in the process of rebounding from the $0.17 support zone. If successful, this could form a double-bottom pattern, which is a bullish pattern often signaling a trend reversal to the upside.

If the price continues to rise, the nearest target is $0.27, representing a 40% increase from the current price level.

agix-Recover — AGIX/USDT weekly chart . Source: TradingView

Short-Term Outlook

The 4-hour chart supports the possibility of a bounce from the weekly timeframe. This is because AGIX is currently trading inside an ascending triangle, which is a bullish pattern that often leads to breakouts in most cases.

The 4-hour RSI indicator also supports this scenario by maintaining a level above 50 and trending upwards.

If a breakout occurs, AGIX could rise to the next resistance level at $0.22.

Conclusion

Technical indicators suggest that AGIX’s price will likely increase in the near future. The nearest target is $0.22 and above it up to $0.27.

This bullish outlook could be invalidated if the price breaks below the long-term support level at $0.17.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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