The AI-focused cryptocurrency AGIX from SingularityNET is turning heads this month with a blistering rally that’s seen its price spike over 110% in just the last four weeks. At a current price of around $1.42, AGIX is knocking on the door of its all-time high from 2018 at $1.86.
A few key factors appear to be driving AGIX’s powerful upswing and raising speculation that the token could be positioned to set a new record peak in the days and weeks ahead.
From a technical perspective, AGIX has already broken out above a key resistance level at $1.39, clearing one major hurdle. If it can push through the next resistance around $1.47, analysts say the path toward a new all-time high could open up for the AI project’s native token.
AGIX’s relative strength index (RSI), a momentum indicator, is currently reading 67 which leaves further upside room before overbought levels. This suggests the buyers could remain in control to propel AGIX higher.
Beyond the charts, much of the buzz around AGIX relates to the proposed “AI merger” between SingularityNET, Fetch.ai, and Ocean Protocol to create a new token called ASI (Artificial Superintelligence). The combined fully diluted valuation of the three projects is estimated at a lofty $7.5 billion.
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Show more +If successful, the unprecedented merger could form a powerful new AI entity and act as a significant catalyst for the projects’ existing tokens like AGIX. The whole AI narrative and related cryptocurrencies have seen resurgent interest and trading volume amid the rise of advanced AI systems like ChatGPT.
With AI as a booming tech trend, strong project fundamentals, an improving crypto market, and bullish technical structure, the stars are aligning for AGIX as it vies to claim a new all-time high in the days ahead.
Of course, the markets are inherently unpredictable and AGIX could still run into turbulence on its path higher. But the token’s remarkable recent performance and its developers’ ambitious plans have opened a window of opportunity to reset its record peak. All eyes are on AGIX to see if it can maintain its momentum.
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