The price of SingularityNET (AGIX) has been trading within a range of $0.90 to $1.47, with investors closely monitoring its movements. Recently, there have been indications of a possible correction, mainly due to bearish divergence sell signals observed on the daily chart.
SingularityNET is priced at $1.31, situated within the established range that has persisted since mid-March. Despite attempts to surpass the range high, prevailing market conditions have limited the bullish momentum.
A notable development is the emergence of a bearish divergence sell signal, which occurs when the price forms a higher high. At the same time, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicate lower highs. This suggests a potential weakening of the current upward trend.
In light of these signals, investors should be prepared for a correction in SingularityNET price. In the best-case scenario, the price may find support at the range’s midpoint around $1.18. However, AGIX could experience a more significant decline if selling pressure intensifies, possibly reaching as low as $0.90.
Conversely, improved market conditions, particularly with a bullish trend in Bitcoin price, could lead to a bounce off the range midpoint and a subsequent uptrend for SingularityNET. Should the price successfully flip the $1.47 range high into a support level, it would invalidate the bearish outlook and signal potential upward momentum.
Overall, investors should monitor market developments closely to assess the direction of SingularityNET price and adjust their strategies accordingly.
