SingularityNET’s AGIX price spikes after ChatGPT-4 launch

SingularityNET’s (AGIX/USD) price continued soaring as AI crypto tokens staged a strong comeback. The token spiked to a high of $0.5556, the highest point since February 8. In all, AGIX has soared by over 1,088% this year, making it one of the top-performing cryptocurrencies this year.

AI growth continues

SingularityNET is one of the top blockchain projects that is seeking to becoming a major player in the artificial intelligence (AI) industry. It runs a marketplace for AI applications that investors believe will play a role in the sector.

The number of dApps in the SingularityNET ecosystem is growing. Some of the top players in the platform are Rejuve.ai, which is a technology platform disrupting the longevity sector. Other parts of Singularity’s ecosystem are Cogito, Awakening Health, and Nunet among others.

It is unclear why AGIX price has soared in the past few days. A likely reason is that the rally is mostly because of the ongoing crypto resurgence. Bitcoin price has jumped above $26,000 for the first time in months. The total market cap of all cryptocurrencies has risen to over $1.08 trillion.

The other reason is that most AI-associated assets have jumped in the past few days. For example, Fetch.ai (FET) price has risen by over 20% in the past 24 hours. Similarly, CryptoGPT, a relatively new token has also seen its price soar.

Further, there has been some important news related to AI in the past 24 hours. For example, OpenAI said that ChatGPT was so ahead that it can beat most people in the SAT scores. This happened after the developers launched ChatGPT-4. This version provides more accurate answers and the ability to handle pictures. It also has its limitations considering that its data set is still from 2021.

AGIX price prediction

AGIX/USD chart by TradingView

The daily chart shows that SingularityNET price has been in a strong comeback in the past few days. It has risen in four straight days. AGIX moved slightly above the key resistance point at $0.5564, the highest point on March 1. It has moved above the 50-day and 100-day moving averages.

The Stochastic Oscillator and Relative Strength Index (RSI) have continued rising. Therefore, the base case is where the token continues rising as buyers target the year-to-date high of $0.6653. The stop-loss of this trade will be at $0.4500.