SingularityNET price is soaring along with other top AI cryptocurrencies. The successful launch and adoption of ChatGPT3 have sent AI crypto like AGIX coin and Fetch.ai to stellar. SingularityNET coin has surged exponentially since the start of 2023, gaining 1300% at its peak. This is one of the most remarkable recoveries in altcoins this year.
However, the project seems to be a bit overvalued at its current price of $0.52. In terms of market capitalization, it has the 77th rank on Coinmarketcap with a market cap of $638 million. Another reason to avoid jumping into AGIX crypto right now is the double-top formation on its chart.
The ongoing AI hype has increased the valuation of AI-based digital assets by tens of folds. SingularityNET price is one of the biggest beneficiaries of the AI narrative. As per the latest news, the project has hit the milestone of 100,000 Twitter followers. This makes it one of the most popular projects on social media.
SingularityNET aims to become a marketplace for disruptive AI services. Its tools allow AI developers to publish and sell AI tech leveraging the native network asset known as AGIX. During a 2017 Initial Coin Offering, the project raised $36 million.
On a higher timeframe, AGIXUSD price chart shows a classic double-top formation. This pattern tends to be a bearish reversal pattern but the price is yet to give a confirmation. For the time being, the market structure is still bullish, and AGIX price gained 8% on Wednesday.
This was a student move after a few days of negative price action. The reason was an upward breakout of the symmetrical wedge on 4H chart. The following chart shows key levels to watch during this price surge. The $0.54 level is very critical in this regard as it lies at 0.618 fib retracement level. SingularityNET price prediction will become very bearish if the price breaks below $0.44 level, which is the most recent support.
This post was last modified on Mar 01, 2023, 10:19 GMT 10:19