Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author
- AGIX has outperformed BTC in the past seven days.
- AGIX open interest jumped, but BTC price action quickly followed.
SingularityNet [AGIX] excel Bitcoin [BTC] in the last seven days. It rose 17.5% while BTC fell 3.5%, thanks to the ongoing AI hype.
At the time of writing, BTC was hovering between $22.25 – $22.44K after a sharp drop on March 2 following the collapse of the Silvergate bank with major crypto clients.
Read it SingularityNet [AGIX] Price forecast 2023-24
However, AGIX has recovered quickly and is up 10% in the last 24 hours, according to CoinMarketCap. However, it has slowly taken BTC’s lead and could trade sideways if the royal coin’s consolidation continues.
AGIX was stuck in the range of 38.2% – 50% Fib levels
On the six-hour chart, the RSI (Relative Strength Index) was hovering above the equilibrium level after recovering from the lower range.
This indicates that the uptrend is limited and the sideways structure may continue. In addition, the balance sheet volume (OBV) also fluctuated, further increasing the likelihood of a sideways structure.
Therefore, AGIX may continue to fluctuate between the 38.2% Fib level ($0.47538) and the 50% Fib level ($0.49162) in the next few hours/days. Investors could target the range highs ($0.49162) and lows ($0.47538) to look for profits.
A violation of the consolidation range would invalidate the above neutral thesis. An upside break could direct the bulls to the 61.8% ($0.50786), 78.6% ($0.53097) Fib levels or the $0.56042 resistance.
However, bulls could only make moves if AGIX closes above the red zone (bearish order block zone on the three-hour chart).
On the other hand, bears could look for opportunities to short the 23.6% ($0.45530) Fib level or the 0% Fib level ($0.42282) if AGIX closes below and retests the low of the 38 range .2% Fib level ($0.47538).
AGIX’s Open Interest (OI) increased
According to Coinglass, AGIX’s OI decreased on March 2nd but recovered on March 4th. This underpins the bullish sentiment for the AI-driven asset in the futures market. An increase in OI and price above $0.50 could increase bullish momentum and direct bulls to higher resistance levels.
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Additionally, over $500K worth of short positions have been liquidated in the last 24 hours, According to to Coinalyze. In contrast, only $300,000 of long positions were liquidated during the same period, reinforcing the slight bullish sentiment at the time of writing.
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