AGIX Price Breaks From A Bullish Flag As Bulls Eye 45% Gains To $0.70

After months of consolidation under $0.2, the runway was over for the AGIX token by the end of January, soaring almost 300% between February 1 and 7. Bears took over at the start of the second week of the month and spent the next few days shedding some of the gains the AI crypto coin had made. However, bulls were not going to take this lying down and launched retaliation on February 14, raising AGIX price 42% to an intraday high of $0.5 today, February 16.

At the time of this writing, AGIX price was trading at $0.48 after gaining almost 7% on the last day. Its live market cap was up 6.65% to $568.96 million, although the 24-hour trading volume had lost 1.64%, the bulls were still optimistic and were planning a 45% run to the $0.7 level.

Elon Musk Clamors AGIX On Valentine’s Day

After bears swamped the AGIX market on February 8, the price dipped to a low of $0.335 on February 13 before bouncing back as Twitter CEO Elon Musk called the attention of investors to the AI crypto coin on Valentine’s Day.

Are you singularity? Don’t be lonely, find a date! https://t.co/s4Cq4emlST

— Elon Musk (@elonmusk) February 15, 2023

From the post, it appears technology billionaire Elon Musk has taken a liking to the AGIX token or is among industry participants that have embraced artificial intelligence as the main theme of the year, commenting, “Are you Singularity? Don’t be lonely; find a date!”

Musk’s comments came on the same day the SingularityNET ecosystem went live with its tokenomics release, publishing the distribution of the AGIX token.

Exciting news, $AGIX community!

Our tokenomic release is now live! Get the details on the distribution of $AGIX tokens

– follow @Sol_Agix_AI
– Like, Retweet & tag 3 friends
– drop your solana address in comment?

More info & token address soon#Solana #Airdrop #Giveaway pic.twitter.com/IZSOhI5eRm

— $AGIX.AI (@Sol_Agix_AI) February 14, 2023

AGIX is the native token for the SingularityNET ecosystem, alongside SDAO, the ticker token for SingularityDAO, a portfolio management that simplifies the process of managing cryptocurrency assets. The Cardano-based network has developed a marketplace for AI solutions, delivering applications such as Rejuve, Nunet, Awakening Health, and Jam Galaxy, among others.

Accordingly, as the concept of artificial intelligence continues to be the main theme of the year, AGIX price is en route to further gains, with investors still betting that the ecosystem will continue growing in tandem with AI going mainstream.

Nevertheless, with such an outstanding rally, it is easy to wonder whether investors are jumping the gun. This has been seen before, in 2021, when metaverse tokens such as The Sandbox (SAND) and Decentraland (MANA) prices soared on the wings of social media giant Facebook changing its name to Meta Platforms. As it happened, now the two metaverse tokens are both shadows of their former selves.

AGIX Rebounds After Crashing To $0.335

AGIX price has rebounded from Monday’s low of $0.335 and has climbed more than 40% over the last three days to escape from a bullish flag, as represented in the daily chart below. At the time of writing, the AI crypto coin was trading at $0.48 as bulls confronted the immediate resistance at $0.5. A daily candlestick close above this level would set the tone for the AGIX token to increase in value.

An increase in buying pressure from the current level could open the way for the token price to climb higher and battle the $0.577 level, which coincides with the top of the flag’s post.

AGIX/USD Daily Chart

In highly ambitious cases, bulls could increase the price to the $0.7027 level, signifying a 45.16% ascension from the current level.

The bullish outlook for AGIX price was substantiated by the Simple Moving Averages (SMAs), which were facing northward to reinforce the possibility of an upward rally. Besides authenticating the upward thesis, the SMAs also provided strong support downward at the $0.2137, $0.1294, and $0.0896 levels.

These, in addition to the upper and lower boundaries of the flag at $0.4 and $0.325, solidified the optimistic case for AGIX price, as they were potential breathing zones on the off chance that bulls needed to re-strategize.

Moreover, the Relative Strength Index (RSI) was moving upward toward the overbought region, with its price strength at 64, suggesting that the buyers were leading the market. Also, notice the position of the Moving Average Convergence Divergence (MACD), high up in the positive zone above the mean line, to signify the bulls were way ahead of the bears in the AGIX market.

On the downside, the narrative could be completely different if buyer momentum wears down, as bears are always ready to pounce and attack. The case would also be different if buyers decided the recent rally was the opportune time to book profits. In such a case, AGIX price could turn down from the current rates, falling back to spend a few days within the flag.

However, once the price drops below the lower line of the flag pattern at $0.325, the AI coin could descend to hover around the demand zone between $0.3 and the foot of the flag post at 0.1866, where the 50-day SMA is waving.

In extreme cases, the price could squat further below the $0.1866 level to spend some time around where the 100-day and 200-day SMAs sit before revisiting the $0.053 support level, where it spent weeks consolidating.

AGIX Alternatives

While investors continue to ride on the hype around AI crypto coins like AGIX, consider FGHT and MEMAG, the native tokens of the Fight Out and Meta Masters Guild Ecosystems, respectively.

Fight Out is a move-to-earn (M2E) project, while Meta Masters Guild is a Web3 mobile gaming platform. The two projects have two things in common. First, they both want to develop games and ecosystems that are viable and sustainable over the long term. Secondly, their native tokens are still in the presale stage.

In the presale stage, FGHT has already raised over $4.2 million with only eight days left until the price increase, while MEMAG has raised upwards of $4.6 million and has one day left to the final stage.

Industry analysts are also predicting that the two tokens will do very well upon their listing on exchanges. Become an early investor today so you don’t miss out on early entry benefits.

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