Despite the top promising cryptocurrencies experiencing limited trading activity, AGIX, an altcoin, is capturing the attention of buyers who are interested in accumulating it. AGIX serves as the native currency for SingularityNET, a blockchain-powered platform, and is currently ranked 96th on CoinMarketCap.
This week, SingularityNET’s cryptocurrency AGIX surged by almost 26%, providing hope for buyers. Last night, the market was dominated by bullish investors who aggressively drove AGIX toward the nearest resistance level, resulting in a notable gain of 17.4%.
AGIX has broken out of a long-term bearish channel
Starting from 18 March, AGIX demonstrated a lackluster performance as it remained within a declining parallel channel. After reaching its lowest point of the year at $0.2262 on 12 May, bulls stepped in aggressively buying the altcoin and driving its price up by more than 40% to 0.3253 in a week.
Currently, the AGIX token is positioned above the bearish channel, maintaining a price of $0.3107 and experiencing a modest intraday gain of 1.37%. Additionally, with an impressive overnight surge of 15.3%, SingularityNET’s cryptocurrency AGIX has garnered significant attention, emerging as one of the top gainers of the day.
During the sudden price surge, the altcoin encountered a minor resistance level at 0.329 on the 4-hour chart. Consequently, there has been a slight decrease in trading volume over the past 24 hours, currently observed at $171.13 million according to data from CoinMarketCap.
On the daily price chart, the bulls have managed to keep the AGIX price consistently higher than the 20-day simple moving average, demonstrating their strength. As a result, the asset price is now nearing the 50-SMA, which serves as the next resistance.
Furthermore, the relative strength index (RSI) has crossed above the midline (50-range). Although it currently appears relatively flat around the 53 range, its still considered a positive indication for a bullish momentum.
