PATNA (CoinChapter.com) — SingularityNET (AGIX), a blockchain-based AI marketplace, enjoyed massive gains in the first week of Feb 2023. AGIX price surged more than 182% to form a daily high near $0.48 on Feb 6.
Moreover, the AI crypto token has jumped nearly 967% YTD to 2023. The uptrend likely resulted from the excitement surrounding AI and related technologies. Artificial intelligence continues gaining ground in the crypto and technologies sectors.
Big tech companies like Microsoft have started taking an interest in the sector. The Windows OS manufacturer has invested $10 billion in OpenAI, the creator of ChatGPT. The investment would make Microsoft OpenAI’s exclusive cloud service provider.
Recently, ChatGPT became the fastest consumer app to reach 100 million users. The hype helped investors see the potential of AI-centric crypto platforms, helping platforms like SingularityNET register stupendous growth.
Furthermore, the AI crypto project shared a network milestone, recording more than 200 million “transacted tokens” on its ERC-20 blockchain bridge. Additionally, AGIX developers shared the team is working on establishing an ecosystem “across multiple industry verticals.”
Related: Fetch AI Crypto News: FET Price at 10-Month High — Reversal Ahead?
The developers aim to drive SingularityNET adoption across DeFi, Biotech, Robotics, Gaming, etc.
AGIX Price Falters After Being Overbought Since Feb 3
AGIX price recorded impressive gains in 2023, helping the AI crypto token push above its 20-day (red wave), 50-day (purple wave), 100-day (blue wave), and 200-day (green wave) EMA trendlines. As a result, the SingularityNET crypto token is currently bullish across all time-frames.
After closing on Feb 5 with more than 42% gains, AGIX’s price dropped nearly 19% to form a daily low near $0.39 on Feb 6. However, long wicks on both ends of the daily candle indicate bulls aggressively fight to defend the up-move as bears mount the selling pressure.
Should the uptrend continue, AGIX’s price might rise to resistance near $0.492. On the other hand, breaking and consolidating above immediate resistance might help the SingularityNET crypto token price challenge resistance near $0.634 before downside corrections pare gains.
Meanwhile, it seems that AGIX’s price action might finally be feeling the pressure from its overbought relative strength index. RSI for the AI crypto token remained overbought, clocking at 82.44 daily.
If the bears continue increasing the selling pressure, the AGIX/USD trading pair might drop to support near $0.4. Moreover, breaching the immediate support level might force AGIX price to fall 27% and test support near $0.318 before recovering.
The post SingularityNET (AGIX) Price Climbs Over 950% in 2023 — What’s Propelling The AI Crypto? appeared first on CoinChapter.