SingularityNet [AGIX] follows BTC’s lead, traders can look for gains here

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

SingularityNet [AGIX] outperformed Bitcoin [BTC] in the past seven days. It appreciated by 17.5%, while BTC declined by 3.5%, thanks to the current AI hype.

At the time of writing, BTC oscillated between $22.25 – $22.44K after a sharp decline on 2 March following the Silvergate bank’s fallout with major crypto clients.

Read SingularityNet [AGIX] Price Prediction 2023-24

However, AGIX recovered swiftly and posted a 10% hike in the past 24 hours, as per CoinMarketCap. Nevertheless, it slowly took BTC’s lead and could trade sideways if the king coin’s consolidation persists.  

Source: AGIX/USDT on TradingView

On the six-hour chart, the RSI (Relative Strength Index) fluctuated above the equilibrium level after recovering from the lower range.

It shows the uptrend was limited, and the sideways structure could continue. In addition, the OBV (On Balance Volume) fluctuated too, further increasing the probability of sideways structure.

Therefore, AGIX could continue oscillating between 38.2% Fib level ($0.47538) and 50% Fib level ($0.49162) in the next few hours/days. Investors could target the range’s highs ($0.49162) and lows ($0.47538) to look for profits. 

A breach of the consolidation range would invalidate the above-neutral thesis. An upside breakout could tip bulls to target the Fib levels of 61.8% ($0.50786), 78.6% ($0.53097), or the overhead resistance of $0.56042.

However, bulls could only make moves if AGIX closes above the red area (a bearish order block area on the three-hour chart). 

On the other hand, bears could seek shorting opportunities at the 23.6%