The price of SingularityNE (AGIX) has broken down below a significant horizontal support level and confirmed it as resistance. It may continue to decline in the future.
Key Support:
The price of SingularityNE (AGIX) has been declining since reaching an all-time high of $0.666 on February 8th. During this process, it has bounced off the $0.320 support level twice (blue arrows) but failed to create higher highs. This is a sign of weakness, indicating a lack of buying pressure at higher levels.
Indeed, the price has broken down below the $0.320 support level and confirmed it as resistance twice (red arrows), marking the continuation of the downtrend.
Therefore, AGIX price is likely to continue its decline towards the next significant support level at $0.170, representing a decrease of over 33% from the current level.
The daily RSI indicator supports this possibility as it declines back below 50 and slopes downward.
Short-Term Outlook:
The 4-hour chart shows that the AGIX price has broken down below a short-term rising support trendline and confirmed it as resistance on June 7th (red arrow). This indicates that the short-term corrective phase has ended.
Therefore, the AGIX price is likely to decline towards the next support level at $0.225, marking a 100% retracement level.
Conclusion: The most probable outlook suggests that the AGIX price will continue to decline in the near future. The nearest target is $0.225 and potentially lower towards $0.170.
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Disclaimer:
This article is for informational purposes only and should not be construed as investment advice. Investors should conduct thorough research before making any investment decisions. We are not responsible for any investment decisions you make.
