Crypto

AGIX Bulls Eye 219% Breakout As AI Crypto Coins Go Mental In 2023

02/12/2023
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AGIX, the native token for the SingularityNET ecosystem, is among the most popular AI crypto coins in the market today. Artificial intelligence (AI) is one of the most exciting technologies today, and with its integration into the cryptocurrency sector, investors now enjoy innovative products with real-life use cases.

At the time of writing, AGIX price was trading at $0.42, with all signs pointing to growing interest among investors for the AI crypto coin.

However, the token is down 10% on the last day, with its 24-hour trading volume down 29.17% to $316.06 million. Consequently, the plunging value for the token dragged down its market cap by 11% to $501.7 million.

It is worth noting that market cap is calculated by multiplying an asset’s circulating supply with its current price. Hence with the circulating supply kept constant (1,199,121,857), AGIX’s market cap is directly proportional to its price at any given time.

AI crypto coins are digital tokens powering artificial intelligence-based blockchain projects. Due to the flexibility of artificial intelligence, these digital coins are now available in various forms ranging from gaming, web3, decentralized marketplaces, and tracking, among others.

SingularityNET Leads Blockchain-AI Integration

SingularityNET, a decentralized marketplace for AI services, stands among the most versatile ecosystems in the AI crypto playing field, delivering a marketplace where users can develop, share, and monetize AI services.

Transactions within SingularityNET’s decentralized marketplace are facilitated via its native token, AGIX, making the network an entrepreneurial hub for AI developers as they can make money from the AI solutions they create without the need to create a full front-end product. In the same way, other developers can leverage SingularityNET to acquire AI solutions for their own applications.

The recent bull run for AI crypto coins follows the growing integration between blockchain and artificial intelligence. According to the SingularityNET ecosystem, close integration between these two sectors is integral to achieving a decentralized, democratic, beneficial AGI.

AGI, short for Artificial General Intelligence, is a new project defining the ability of an intelligent agent to understand or learn any intellectual task in the same way humans do. The AGI token, which results from SingularityNET’s collaboration with Cardano, will exhibit the same attributes as those associated with the human brain.

Notably, the SingularityNET-Cardano collaboration is at the heart of the blockchain-AI integration. Hours ago, the SingularityNET ecosystem proudly announced a token airdrop for AGI.

AGIX Price Forms A Bullish Flag As Bulls Promise A 219% Breakout

AGIX token, like other altcoins that have followed the lead of the king crypto Bitcoin, started a bull run at the onset of 2023, rescuing the price from the $0.04 support floor.

After a two-week consolidation, AGX price broke out on February 3, rising 219.75% to a high of $0.6 on February 7 as trading volume increased, evidenced by the long green bars on the chart below. After tagging the $0.0603 level, the price was rejected by 37% as bears entered the market for two days in a row.

At the time of writing, AGIX price was trading at $0.42 as bulls attempted a recovery today. The price has formed a bullish flag suggesting a continuation of an uptrend once the price closes above the resistance line of the flag.

AGIX/USD Daily Chart

AGIX Price
TradingView Chart: AGIX/USD

AGIX price is currently fighting the immediate resistance at $0.0426 due to the upper boundary of the flag. A daily candlestick close above this line would increase the chances of the breakout.

Past this level, an increase in buying pressure from bulls could set the AI crypto coin on track to confront the next roadblock at $0.603. Notice that the price was rejected at this level on February 7, making the rally leading up to that point to form the flag’s post. It, therefore, means that this time round, bulls would need more momentum to break through.

Beyond that, bulls would target a 219.53% price surge to the $1.346 level. The target was set as equal to gains made from the initial rapid breakout to the recent high of $0.603 before the price turned down to form the flag.

The AI token was sitting on immediate support offered by the lower boundary of the flag, giving bulls a jumping-off point for their current run. Further down, the price could find support at the $0.1887 level, followed by the 50-day Simple Moving Average (SMA) at $0.167, the 100-day SMA at $0.106, and the 200-day SMA at $0.0777. These were possible levels for a pause if bulls ever needed to garner more strength.

The Relative Strength Index (RSI) position at 68 was also a positive indicator, as it showed the token was still not overbought (above 70). This means buyers still had it in them to increase pressure and record more prices.

Furthermore, the Moving Average Convergence Divergence (MACD) was still in the positive region above the mean line, with the histograms still flashing green. This signified that bulls still had a lead in the market.

However, seeing as the MACD (line in blue) was tipping downwards, and the histograms were losing the green feel, it could be a sign of buyers exiting the market. This was bolstered by the fact that the RSI was still somewhat flat as the rate of buyer exit from the market was higher than those coming in.

AGIX Alternatives

With AI crypto coins like AGIX going mental in the crypto industry, investors should pay attention to the driving forces behind these bull runs.

The fundamentals behind an asset’s bull run are vital as they can help predict the level of sustainability for that rally. In this regard, consider MEMAG, the native token for the Meta Masters Guild project.

MEMAG is still in the presale stage, having raised upwards of $3.855 million so far. With only two days left to the next stage, now would be the best time to buy the token before the price increases. Early investors will rake in significant profits.

It is worth mentioning that Meta Masters Guild is set to become the largest mobile gaming guild in Web3, boasting of its unique ability to deliver fun and addictive games with playable NFTs. Participating in the project positions community members to earn rewards, stake, and trade.

Buy the native MEMAG token during the presale today!

Read More:

Meta Masters Guild – Play and Earn Crypto

Meta Masters Guild
  • Innovative P2E NFT Games Library Launching in 2023
  • Free to Play – No Barrier to Entry
  • Putting the Fun Back Into Blockchain Games
  • Rewards, Staking, In-Game NFTs
  • Real-World Community of Gamers & Traders
  • Round One of Token Sale Live Now – memag.io

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Source: https://insidebitcoins.com/news/singularitynet-price-prediction-agix-bulls-eye-219-breakout-as-ai-crypto-coins-go-mental-in-2023