Follow us on:

cc_icon

Singularity NET (AGIX): A Cautious Bullish Outlook Amidst Short-Term Volatility

Singularity NET: Turned Bullish?
Singularity NET: Turned Bullish?

In the dynamic world of cryptocurrencies, Singularity NET (AGIX) has captured the attention of investors with its recent price action and promising long-term prospects. JB from Cheeky Crypto, a renowned cryptocurrency analyst, dives into the technical analysis of AGIX, providing valuable insights into its potential future movements.

AGIX Chart Analysis: Unveiling the Technical Landscape

JB meticulously examines the AGIX chart across three timeframes: 1-hour, 1-day, and 1-week. He observes the completion of a B-wave retracement, ranging from 22.3 to 23.4, indicating a potential turning point in the market sentiment.

A New Structure Emerges: Breaking Previous Highs

JB suggests that AGIX may be embarking on a new bullish structure, having broken through its previous high of 27.145. However, he acknowledges the possibility of a correction before another significant upward move.

Market Indicators: Gauging the Market’s Sentiment

Analyzing market indicators, JB highlights positive money flow and divergence on the Cipher for the 1-hour timeframe, suggesting a bullish bias. However, he also identifies negative money flow on lower timeframes (5-minute), indicating a potential pullback. Moreover, the RSI (Relative Strength Index) is dropping, further hinting at a correction before an upward push.

Weekly Chart Analysis: A Closer Look at the Longer-Term Trend

Shifting to the weekly timeframe, JB observes that AGIX is currently overbought. This overbought condition suggests a potential correction to the 50 EMA (Exponential Moving Average) at 25.323. Additionally, Smart Money indicators reveal a strong high and a weak low, urging caution.

Potential Price Movements: Navigating the Market’s Fluctuations

JB anticipates a pullback to around 2.47-2.92 for a typical retracement. However, he also envisions a breakout to the upside, targeting 28.5 cents. Conversely, he considers the possibility of retesting lower levels (around 14.6 cents) for accumulation opportunities.

Additional Insights: Unveiling the Indicators’ Secrets

JB employs a variety of indicators, including EMA (Exponential Moving Average), SMA (Simple Moving Average), Stochastic RSI, and Smart Money Concepts, to gain a comprehensive understanding of AGIX’s price action. He encourages viewers to explore additional indicators on membership.cheekycrypto.com.

Risk Management: Prioritizing Safety in Trading

JB emphasizes the importance of tight stop-loss orders and safe trading practices to mitigate potential losses. He advocates for risk management strategies that align with individual risk tolerance and investment goals.

Final Thoughts: Cautious Optimism Amidst Short-Term Volatility

JB adopts a cautious outlook for the weekend, anticipating potential volatility on Sunday. He views the weekly close as a critical moment in the battle between bulls and bears, determining the direction of the market. While acknowledging the possibility of a larger correction in the future, JB remains optimistic about AGIX’s long-term potential, considering its previous price action and patterns.

Conclusion

JB’s insightful analysis of AGIX provides valuable guidance for investors navigating the ever-changing cryptocurrency landscape. His emphasis on risk management and long-term perspective empowers investors to make informed decisions aligned with their individual goals and risk tolerance.

Leave a comment

Your email address will not be published. Required fields are marked *