AGIX’s Price Surged More Than 15%, Will It Rise Higher?

  • Technical indicators on the altcoin’s 4-hour chart suggested that AGIX’s price could continue to rise.
  • Traders and investors will want to watch the $0.29845 level for the next 24 hours.

SingularityNET (AGIX) saw its price surge over the past 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the altcoin’s price stood at $0.3107 following a 15+% price increase in the last day.

The crypto also outperformed the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH). As a result, AGIX was up 15.26% against BTC and 14.84% against ETH.

This positive price movement was the product of the recent spike in the altcoin’s trading volume in the past 24 hours. CoinMarketCap indicated that AGIX’s daily trading volume stood at $171,766,216, which was a 436.12% increase in the previous 24 hours.

4-hour chart for AGIX (Source: TradingView)
4-hour chart for AGIX (Source: TradingView)

From a technical perspective, AGIX’s price was able to flip the $0.27109 resistance into support yesterday morning. In the 12 hours that followed, the altcoin was able to do the same with the next key resistance level at $0.29845 – a level it continued to trade above at press time.

Technical indicators suggested that AGIX’s price would continue to climb in the following 24 hours. The RSI line on the 4-hour chart was trading above the RSI SMA line. In addition, the 9 EMA line was trading well above the 20 EMA line.

Traders should, however, take note of the fact that the RSI was in overbought territory, which may be an early indication of a correction in the next 48 hours. This potential price pullback could result in AGIX’s price dropping to the recently-flipped $0.29845 level. If this level fails to hold, the next target will be the $0.27109 mark.

On the other hand, AGIX closing today’s trading session above $0.29845 would invalidate this bearish thesis. Should this happen, it could make a move to the next resistance level at $0.32890 in the next 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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