- AGIX/USDT gained 9.42% in the last week
- AGIX/USDT recorded a loss of 33.92% in the last 6 Months
SINGULARITY is trading at $0.2400 The price is up 3.60% in the last 24H. The 24H trading volume saw a jump of 11.09%. The Total Market Cap is $292,442,752.
SINGULARITY is falling down after creating an all-time high of $0.5900. AGIX Was recently listed on ByBit Exchange. The market witnessed a pump after the listing. The reason for the dump is the profit booking done by the early investors who decided to take some money off the table leaving the late investors trapped.
A falling wedge can turn fate.
SINGULARITY has been trading in a downtrend as per the Daily charts. The price action kept on making lower lows forcing the market to form a new all-time low of $1.1712. Although the price saw a swift recovery of almost 40% from the swing low. Another key observation is that the price appears to be forming a falling wedge.
This pattern holds the key to changing the fate of the declining asset and kickstarting a new bull trend that can shoot the prices to $1 this year. Price is trading on the upper trendline of the wedge and the Bulls are looking forward to breaking this pattern with strength. A volume Supported breakout will be an ideal sight of reversal.
The Bulls are trying hard to break the resistance.
The 4H Time frame gives a closer look at the struggle of the Bulls who are trying to break the resistance of the pattern. The buyers managed to conquer the resistance level of $0.2318 and while changing the trend in the short term. The trendline aligns with the 200 EMA marking its significance.
Things are looking good at present but the possibility of fall cannot be ignored. If the Bulls fail to pierce through the resistance this will lead the market to decline to the support of $0.1884 which will be a 20% dive from here. Since the asset is relatively new, the market carries the risk of carving new lows.
RSI: The RSI indicator is currently at 50.08 on the 4H. This indicates bullish to sideways conditions.
MACD: The MACD indicator has made a bearish crossover but the indicator is above 0. The prices may see some consolidation but will stay bullish above 0.
The MACD is moving closer to the signal line which indicates a sideways momentum.
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
SINGULARITY is getting squeezed in a falling wedge pattern. The price is trading on the edge of the trendline and the Bulls are awaiting a strong breakout. The digital asset was listed recently on the exchange. Therefore, the chart has limited data only, which can question the accuracy of the technical analysis. The prices can be sensitive to the fundamentals as well. At present the market is volatile and it would be wise to make the best out of it which is only possible with a solid risk-management strategy
Technical levels
Support Levels: $0.2318 – Support 1
$0.1884 – Support 2
Current Price: $0.2400
Resistance Levels: $0.3318- Resistance 1
$0.4507- Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.