As the price recovers from the early-March sell-off, SingularityNET (AGIX) has more to offer
Briefly
- following a 50% retracement a few weeks ago, AGIX has returned to the $0.50 area.
- Smart whales have entered a new wave of accumulation.
- The SingularityNET ecosystem’s social sentiment indicates a regional low.
After rebounding above $0.50, AGIX has maintained hopes of a sustained bull rally. Is it time to buy the dip now that the SingularityNET community’s social sentiment is still negative?
SingularityNET has received less attention from the media in recent weeks. Investors who missed the previous rally might see it as a good time to enter the market.
Media Spotlight on SingularityNET Has Cooled
After an astonishing 1000% growth that propelled the cryptocurrency into the top 100 ranking of crypto projects, SingularitityNET (AGIX) attracted significant media attention. On March 10, AGIX fell below $0.29, causing investors to be bearishly concerned. The rising AI token, on the other hand, has since recovered 50%.
On-chain metrics indicate that people’s feelings about AGIX are still negative. Santiment claims that the number of mentions of SingularityNET in well-known crypto media outlets has significantly decreased over the past month.
SingularityNET’s social dominance has decreased significantly, from 0.38% on February 19 to 0.015 percent on March 23, as depicted by the red line in the chart below.
Token holders and network participants tend to be pessimistic when social dominance decreases. Investors in cryptocurrencies who missed the January 1000% price increase may now consider entering the market.
In addition, the crypto whales’ recent accumulation pattern suggests that AGIX may experience additional upswings in the future.
Santiment’s data demonstrates how a significant group of whales has strategically prepared for another AGIX price rally.
In recent weeks, the balances of crypto wallet addresses that hold between 10 million and 1 billion AGIX units have increased.
The aforementioned whale group has now increased their holdings by approximately 10 million AGIX, or approximately $5 million, in the five trading days preceding March 23 after taking profits at the beginning of March.
Considering their financial power and ability to influence price swings, AGIX holders can expect more upswings in the coming weeks if the whales continue to buy.
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AGIX Price Prediction: $0.60 is Within Reach
According to Santimemt’s market value to realized value (MVRV), investors who purchased AGIX within the previous thirty days now have a profit of 4%. A closer look at past MVRV trends reveals that AGIX investors are likely to begin selling when the price reaches $0.58, which is close to the profit line of 25%.
$0.66, where holders would be sitting on 40% gains, could be the next profit-taking zone if this resistance does not stop the rally.
Still, if AGIX enters a downtrend, holds will likely stop the sell-off at $0.35, around the 26% loss line. If this support range cannot hold, AGIX may again fall below $0.25.