SingularityNET

Skyrocketing

Time

Pyth Network

<p>At first glance, the price action and on-chain data for AI marketplace SingularityNET (AGIX) looks extremely bullish recently. However, closer analysis of the technical indicators suggests a near-term reversal could be imminent.</p>
<p><strong>Evidence of Skyrocketing On-Chain Activity</strong><br>According to <a href="https://twitter.com/santimentfeed/status/1760773616281764135?t=IWadtDUJcUP_rQ9Q7z5chA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">crypto analytics firm Santiment, </a>SingularityNET has seen tremendous on-chain growth this past week. The number of non-zero token addresses has reached an all-time high of over 93,000 as large transaction volumes skyrocket.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="675" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-1024x675.png" alt="" class="wp-image-442774" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-1024x675.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-300x198.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-768x506.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-1536x1012.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-2048x1349.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-228x150.png 228w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-100x66.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-336x220.png 336w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-531x350.png 531w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870-788x519.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-870.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>In addition, <a href="https://twitter.com/lord_zyre/status/1760962135134191873" target="_blank" rel="noopener noreferrer nofollow">crypto analyst Zyre</a> points out that 99% of AGIX token holders are currently in profit, with 40% having held for over one year. He suggests the still low market cap presents major upside potential.</p>
<p><strong>The Catch: Overbought Technicals Signal Price Retracement </strong><br>Despite the bullish on-chain and fundamental activity, AGIX appears extremely overextended from a technical perspective for the time being.</p>
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<p>As one example, the Relative Strength Index (RSI) indicator shows a reading of 94. Such extreme overbought levels suggest an imminent pullback is likely before any further major upside price action.</p>
<p>In addition, a large gap has emerged between the 50 and 100 simple moving averages (SMAs) and the current price. The price will likely need to retrace back towards the $0.35 level where those SMAs are located to establish healthier support.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="465" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-1024x465.png" alt="" class="wp-image-442766" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-1024x465.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-300x136.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-767x348.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-1536x697.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-2048x929.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-331x150.png 331w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-772x350.png 772w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869-788x357.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-869.png 1823w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Looking at the price action too, the price has not restested the last broken major support at around $0.35. We may see a retracement back to theis level which is around where the 50 and 100 SMAs also are.</p>
<p>In summary, while long-term holders are clearly still accumulating and network growth remains strong, traders may want to wait for a technical price correction before entering new AGIX positions at this stage of the rally. Allowing the charts to cool off could set the stage for more sustainable gains.</p>
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<p>The post <a href="https://captainaltcoin.com/why-now-may-not-be-the-best-time-to-buy-singularitynets-agix-despite-multiple-bullish-indicators/" rel="noopener noreferrer nofollow">Why Now May Not Be the Best Time to Buy SingularityNET’s AGIX Despite Multiple Bullish Indicators</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Now May Not Be the Best Time to Buy SingularityNET’s AGIX Despite Multiple Bullish Indicators

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