In a recent update, the cryptocurrency commentator Cheeky Crypto shed light on the impressive ascent of SingularityNET (AGIX), which has witnessed a surge of 149% since the onset of 2024. Cheeky Crypto shared an optimistic view on AGIX's trajectory, suggesting its continued rise with no immediate signs of deceleration. The speculation around AGIX reaching the $1 milestone was a key highlight of the discussion.
Delving into the technicals, Cheeky Crypto analyzed the AGIX/USDT pairing on a 4-hour chart, highlighting a significant breakout above a crucial resistance level, hinting at a sustained bullish momentum. Despite facing a sharp pullback of around 76% from its 2023 peaks, AGIX managed to mount a remarkable recovery, climbing 149% from those lows.
The analysis pointed to a cup and handle pattern on the chart, a classic indicator of bullish continuation, even though the handle experienced a retracement exceeding 50%. Nonetheless, the pattern's integrity remained, with the breakout aiming towards the 61.8% Fibonacci retracement level as its potential target.
Cheeky Crypto also touched upon the resistance zone lying between 55 and 66 cents, a territory known for prior rejections. Yet, the expectation was set for a brief consolidation before AGIX could surpass this barrier, potentially ushering in unprecedented highs and lucrative returns for its holders.
On a daily chart perspective, an inverse head and shoulders pattern was identified, further bolstering the bullish case for AGIX, especially if it breaks past its historical highs.
In discussing retracements and consolidations, Cheeky Crypto identified a vital support range between 35 and 37 cents, echoing its importance from past price behavior. This level, previously acting as resistance and now support, is deemed critical for navigating AGIX’s forthcoming price actions.
With a bullish sentiment, Cheeky Crypto remains positive about AGIX’s prospects, expecting continued upward movement notwithstanding the likelihood of minor corrections along the way. As of this report, the coin has seen a downturn of over six percent.
