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Why Now May Not Be the Best Time to Buy SingularityNET’s AGIX Despite Multiple Bullish Indicators
At first glance, the price action and on-chain data for AI marketplace SingularityNET (AGIX) looks extremely bullish recently. However, closer analysis of the technical indicators suggests a near-term reversal could be imminent.
Evidence of Skyrocketing On-Chain ActivityAccording to crypto analytics firm Santiment, SingularityNET has seen tremendous on-chain growth this past week. The number of non-zero token addresses has reached an all-time high of over 93,000 as large transaction volumes skyrocket.
In addition, crypto analyst Zyre points out that 99% of AGIX token holders are currently in profit, with 40% having held for over one year. He suggests the still low market cap presents major upside potential.
The Catch: Overbought Technicals Signal Price Retracement Despite the bullish on-chain and fundamental activity, AGIX appears extremely overextended from a technical perspective for the time being.
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As one example, the Relative Strength Index (RSI) indicator shows a reading of 94. Such extreme overbought levels suggest an imminent pullback is likely before any further major upside price action.
In addition, a large gap has emerged between the 50 and 100 simple moving averages (SMAs) and the current price. The price will likely need to retrace back towards the $0.35 level where those SMAs are located to establish healthier support.
Looking at the price action too, the price has not restested the last broken major support at around $0.35. We may see a retracement back to theis level which is around where the 50 and 100 SMAs also are.
In summary, while long-term holders are clearly still accumulating and network growth remains strong, traders may want to wait for a technical price correction before entering new AGIX positions at this stage of the rally. Allowing the charts to cool off could set the stage for more sustainable gains.
You may also be interested in:
Ripple Analyst Predicts $5.85 XRP as Next Target in Ongoing Bull Run – But There’s a Catch
DeFi Whale Activity Fuels Spell Token’s Price Explosion: Expert Points To More Upside – Here is His Outlook
DeeStream (DST)’s Potential Could Take on Pyth Network (PYTH) and Cardano (ADA) in Battle for Chart Supremacy
Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters
The post Why Now May Not Be the Best Time to Buy SingularityNET’s AGIX Despite Multiple Bullish Indicators appeared first on CaptainAltcoin.
Evidence of Skyrocketing On-Chain ActivityAccording to crypto analytics firm Santiment, SingularityNET has seen tremendous on-chain growth this past week. The number of non-zero token addresses has reached an all-time high of over 93,000 as large transaction volumes skyrocket.
In addition, crypto analyst Zyre points out that 99% of AGIX token holders are currently in profit, with 40% having held for over one year. He suggests the still low market cap presents major upside potential.
The Catch: Overbought Technicals Signal Price Retracement Despite the bullish on-chain and fundamental activity, AGIX appears extremely overextended from a technical perspective for the time being.
Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!
The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!
Show more +Show less –
As one example, the Relative Strength Index (RSI) indicator shows a reading of 94. Such extreme overbought levels suggest an imminent pullback is likely before any further major upside price action.
In addition, a large gap has emerged between the 50 and 100 simple moving averages (SMAs) and the current price. The price will likely need to retrace back towards the $0.35 level where those SMAs are located to establish healthier support.
Looking at the price action too, the price has not restested the last broken major support at around $0.35. We may see a retracement back to theis level which is around where the 50 and 100 SMAs also are.
In summary, while long-term holders are clearly still accumulating and network growth remains strong, traders may want to wait for a technical price correction before entering new AGIX positions at this stage of the rally. Allowing the charts to cool off could set the stage for more sustainable gains.
You may also be interested in:
Ripple Analyst Predicts $5.85 XRP as Next Target in Ongoing Bull Run – But There’s a Catch
DeFi Whale Activity Fuels Spell Token’s Price Explosion: Expert Points To More Upside – Here is His Outlook
DeeStream (DST)’s Potential Could Take on Pyth Network (PYTH) and Cardano (ADA) in Battle for Chart Supremacy
Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters
The post Why Now May Not Be the Best Time to Buy SingularityNET’s AGIX Despite Multiple Bullish Indicators appeared first on CaptainAltcoin.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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