SingularityNET (AGIX), a blockchain-based platform for building and sharing AI services, has experienced a significant upward price movement in recent weeks. However, analysts are now warning of a potential correction that could see the token’s value plummet by 40%.
Technical Analysis: Identifying Key Levels and Signals
Analyzing the 1-hour, 1-day, and 1-week time frames for AGIX, several key levels and technical indicators suggest a potential correction. The 33.165 level is seen as a potential resistance point, while the 50 EMA, 50 SMA, and 200 EMA on the hourly chart indicate overbought conditions.
Wave Structure and Trading Strategy
Identifying a potential five-wave move, analysts anticipate a corrective move to the downside. Potential entry and exit points for this trade are outlined, with a target of 28.418 and 27.53 in case of a correction.
Trading Cipher and Weekly Chart Analysis
The trading cipher’s indications suggest a potential downside swing, while the weekly chart for AGIX reveals overbought conditions and historical support/resistance levels. Based on the weekly chart and previous price behavior, a correction is considered likely.
Market Sentiment and Rejection Levels
Factors such as volatility, weekend trading, and recent market trends are weighed to assess market sentiment. Rejection levels, including 33.3 cents, are highlighted, and potential market reactions are discussed.
Bearish Scenario and Support/Resistance Levels
The potential outcome if the price closes below certain levels is speculated upon, and key support and resistance levels are identified, considering both historical and recent data.
Timeline and Trading Cautions
Reflecting on past price actions, potential future scenarios are discussed, emphasizing the complexity of charting AGIX due to its micro-cap status and volatile nature. Viewers are reminded to interpret the analysis cautiously and trade safely.
Call to Action
Encouraging viewers to like, subscribe, and stay informed about AGIX developments, JB concludes by highlighting the potential for significant downside movement in the near future.