As a seasoned crypto investor with a decade of market fluctuations under my belt, I must admit that the current situation with SingulatityNet (AGIX) is a tough pill to swallow. The merger with Ocean (OCEAN) and Fetch.ai (FET), followed by the delisting from Bithumb – one of South Korea’s top exchanges – couldn’t have come at a worse time, given the recent $60 billion market downturn.
The price of AGIX keeps falling after its combination with Ocean (OCEAN) and Fetch.ai (FET). The most recent blow is Bithumb, one of South Korea’s top four cryptocurrency exchanges, deciding to remove AGIX from their platform. This removal couldn’t have happened at a more inopportune moment, as the entire crypto market has recently experienced a substantial loss of around $60 billion due to a major downturn.
Bithumb to Delist SingulatityNet (AGIX)
Bithumb, one of the largest crypto exchanges in South Korea, will be withdrawing support for the SingularityNET (AGIX) token. The news follows the project’s merger with FET and OCEAN into a new token called the artificial superintelligence token (ASI). According to the official communication from Fetch.ai, AGIX, and OCEAN holders would have their tokens migrated to the new ASI token at the following conversion rates:
- SingularityNET – 1 AGIX to 0.433350 $ASI
Ocean Protocol – 1 OCEAN to 0.433226 $ASI
Fetch.ai – 1 FET to 1 $ASI
As a long-time cryptocurrency investor with several years of experience under my belt, I’ve seen many projects come and go, but the recent wave of delistings from top exchanges is a trend that has caught my attention. It all started on July 1 with the first phase of migration, and now, we’re looking at phase two set to kick off sometime in August. This withdrawal of support for certain cryptocurrencies is not something new, but it feels like this time around, there are more projects being affected than ever before. It’s a reminder that the crypto market can be volatile and unpredictable, and investors must always stay vigilant and keep their portfolios diversified to minimize risk.
AGIX Price Eyes Lower Support
As a crypto investor, I’ve noticed that the trajectory for AGIX seems to be on a downturn. This is evident in its breakout from the descending triangle formation, marked by recurring lower highs and a horizontal support at approximately $0.76.
As a crypto investor, I’m observing the current price of AGIX standing at $0.5, a point where it seems to have found some momentary support. However, the candlestick pattern indicates a potential break down from this support, hinting at more bearish movements in the near future. The long lower wick on the current candle suggests that there might be buying interest at this level, but I’m waiting for confirmation from the upcoming candles before making any decisions.
As a seasoned trader with over a decade of experience in the financial markets, I have learned to read trends and signals like a seasoned sailor navigating stormy seas. The current trend for the stock we are watching appears to be bearish, based on the moving averages. Specifically, the 50-day EMA is currently at $0.688 and the 200-day EMA is slightly higher at $0.698. Given that both of these moving averages are above the current price, it suggests a downward trend that I would not bet against.
The thick black line across signifies the main price support for AGIX, approximately $0.5. The lighter grey section points out a less strong but still significant support area, ranging from $0.25 to $0.30. The next immediate price level you might encounter some resistance at is $0.6, while the strongest resistances are found around $0.688 (50-day Moving Average) and $0.698 (200-day Moving Average).
The Relative Strength Index (RSI) currently stands at 40.54, slightly moving beyond the oversold zone, suggesting a brief price recovery, yet it continues to show signs of weakness. Meanwhile, the Moving Average Convergence Divergence (MACD) lies beneath its signal line and is in the negative region, reinforcing the bearish perspective.
At present, the AGIX price appears stable due to the intense focus on the Artificial Superintelligence token (ASI). But with increasing exchange delistings and a surge in investors looking to minimize their losses, it’s expected that AGIX could see further price drops.
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2024-08-05 10:02