SingularityNET (AGIX) Price Breaks Out Strongly, How High Can It Go?
The price of SingularityNET (AGIX) has bounced up from a long-term support zone and broken above a crucial horizontal resistance area. It is expected to continue rising in the coming time.
Weekly Outlook
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 10 weeks of consolidation, AGIX price bounced up from the $0.17 support zone last week (green arrow). Currently, it is forming a large bullish candle on the weekly timeframe.
This has confirmed the formation of a double bottom pattern, a bullish pattern often leading to a trend reversal to the upside.
The weekly RSI supports further uptrend as it has crossed above the 50 level and is sloping upwards.
If the upward momentum continues, the next important resistance zone is found at $0.33. This level corresponds to a 39% increase from the current price.
Breaking the Crucial Resistance
The AGIX price had been trading inside a descending wedge since the local high at $0.33 at the end of May. This is a bullish pattern, often leading to breakouts in most cases.
Indeed, the AGIX price broke above the pattern on October 22nd. This breakout indicates that the previous downtrend has ended, and a new uptrend might occur.
This perspective is further reinforced as the price broke above the crucial horizontal resistance zone at $0.22, where a 30% decline started on August 15th.
Therefore, AGIX price is likely to continue rising towards the next resistance level at $0.267.
However, because the daily RSI has entered the overbought territory, a correction might occur when the price reaches this zone.
Conclusion
The most likely scenario suggests that the AGIX price will continue to rise in the near future. The immediate target is found at $0.267, with a higher potential towards $0.33.
Because the daily RSI has entered the overbought territory, a correction might occur when the price reaches the $0.267 zone.
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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