SingularityNET Coin: Analyzing the Falling Channel Pattern and Potential Reversal

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In recent months, the SingularityNET coin has experienced a consistent downfall under the influence of a falling channel pattern. From its peak price of $0.59, the coin has seen a 49.7% tumble, landing at its current price of $0.29. Though this may seem bleak, in theory, this pattern could lead to a significant upswing once the price breaks past the resistance trendline. Traders may find a long opportunity with this pattern if they keep a close eye on the market.

The ongoing decline of the AGIX price is heavily influenced by a falling channel pattern found in its market movements. If the price sees a bullish retracement to the 23.6% Fibonacci level, it may signal a high possibility for the continuation of the downtrend. The 24-hour trading volume for the SingularityNET coin reflects a massive gain of 223% at $402.2 million.

On May 19th, the AGIX price saw significant inflow and attempted a breakout from the resistance trendline of the falling channel pattern. However, buyers couldn’t close the candle above the trendline, indicating that sellers are still active and likely to continue resisting any breakout attempts.

Currently, the AGIX price sits at $0.298, experiencing an intraday loss of 2.2%. This red candle at a crucial resistance point could be indicative of a higher possibility for price reversal, potentially triggering yet another bear cycle.

The potential downfall could see prices drop as much as 35-40%, hitting the lower support trendline at around $0.19. Despite these projections, it is important to consider that a breakout above the overhead trendline is crucial to signal signs of a trend reversal.

Technical indicators such as exponential moving averages and relative strength indexes can shed some light on potential market movements. A breakdown below the recently reclaimed 20-day EMA slope could provide additional confirmation for a fall to a lower trendline. Alternatively, a significant increase in daily RSI slope could indicate rising buying pressure that could eventually lead to a breach of the overhead trendline.

Here are some key figures for the AGIX coin price intraday levels:

Spot price: $0.298
Trend: Bearish
Volatility: Medium
Resistance levels: $0.327, $0.337
Support levels: $0.295 and $0.225

While the presented content may include the author’s personal opinion, it is important to conduct your market research before investing in cryptocurrencies. The author and the publication hold no responsibility for any personal financial losses.

Source: Coingape

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