SingularityNet [AGIX] follows BTC’s lead, traders can look for gains here

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion AGIX outperformed BTC in the past seven days. AGIX’s open interest rate surged but quickly followed BTC’s price action. SingularityNet [AGIX] outperformed Bitcoin [BTC] in the past seven days. It appreciated by 17.5%, while […]

in the past seven days. It appreciated by 17.5%, while BTC declined by 3.5%, thanks to the current AI hype.

At the time of writing, BTC oscillated between $22.25 – $22.44K after a sharp decline on 2 March following the Silvergate bank’s fallout with major crypto clients.However, AGIX recovered swiftly and posted a 10% hike in the past 24 hours, as per CoinMarketCap. Nevertheless, it slowly took BTC’s lead and could trade sideways if the king coin’s consolidation persists.On the six-hour chart, the RSI fluctuated above the equilibrium level after recovering from the lower range.

It shows the uptrend was limited, and the sideways structure could continue. In addition, the OBV fluctuated too, further increasing the probability of sideways structure. Therefore, AGIX could continue oscillating between 38.2% Fib level and 50% Fib level in the next few hours/days. Investors could target the range’s highs and lows to look for profits.

A breach of the consolidation range would invalidate the above-neutral thesis. An upside breakout could tip bulls to target the Fib levels of 61.8% , 78.6% , or the overhead resistance of $0.56042.On the other hand, bears could seek shorting opportunities at the 23.6% Fib level or 0% Fib level if AGIX closes below and retest the range low of 38.2% Fib level .According to Coinglass, AGIX’s OI declined on 2 March but rebounded on 4 March.

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