- The social sentiment and on-chain activity were extremely positive
- The technical analysis highlighted two key levels for investors to watch
SingularityNET [AGIX] saw a rally of epic proportions in February. The token prices rose from the lows of $0.256 on the 1st of February, to trade at $0.697 at press time. This represented gains of just over 170% in 23 days.
The move above the $0.31 resistance on 15th February drove the majority of these gains. The $0.6 resistance was previously tested in March 2023, but the recent surge saw this level smashed apart. How much higher could the bulls take AGIX?
The Fibonacci levels showed a potential top was imminent
Based on the rally from $0.157 to $0.367 that took place from October to December 2023, a set of Fibonacci retracement levels (pale yellow) were plotted. These levels were chosen because the retracement in January saw the 61.8% level at $0.237 retested thrice as support.
Since then, AGIX has trended higher strongly and broken past the 100% extension level. At press time, it was close to the 200% extension level at $0.788. This could be a level that AGIX bulls get exhausted at.
The RSI has been in overbought territory on the 1-day chart for more than a week now. However, this does not necessitate a pullback by itself, as the trading volumes continue to be extremely high.
The OBV reflected this with a strong surge over the past ten days. Therefore, traders should also be prepared for a continued AGIX rally to the 300% extension level at $0.998.
Since this level is close to the psychological $1 mark, AGIX holders can plan to scale out of their positions between the 200% and 300% extension levels.
The short-term sentiment massively favors the buyers
Author: Akashnath S
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