AGIX Price Rises to $0.8429 Amidst Volatility, ASI Alliance Proposal Key Catalyst

• AGIX token’s value rises 3.17% in 24 hours, reaching $0.8429 despite recent declines.
• The market cap of AGIX grew by 4.15%, reaching over $1.076 billion today.
• AGIX shows a potential bullish shift with an ascending triangle pattern on the 4-hour chart.

In the past 24 hours, the SingularityNET (AGIX) token has shown promising growth, with its price rising by 3.17%. As of press time, its value was at $0.8429. This surge is part of a broader trend of fluctuation, as AGIX has been quite volatile recently, trading between an intraday high of $0.8662 and an intraday low of $0.7904.

Despite this short-term increase, the overall trend for AGIX hasn’t been as positive. Over the last week and month, the token has faced declines, dropping 18.77% and 20.09%, respectively. These decreases show that the token has struggled recently, even though today’s numbers are more encouraging.

AGIX/USD 24-Hour Chart (Source: CoinStats)

Interestingly, the market capitalization of AGIX has increased by 4.15% today, reaching over $1.076 billion. This indicates that the overall value of all AGIX tokens in circulation has gone up, reflecting the increase in the token’s price.

However, not all indicators are positive. The trading volume, which shows how much AGIX was traded on the last day, has fallen by 20.60%. This decrease suggests that fewer people are buying and selling the token today compared to yesterday.

AGIX Token Holders Back ASI Alliance Initiative

The recent surge in AGIX token values can be attributed to the resounding approval of the Artificial Superintelligence (ASI) Alliance proposal by AGIX token holders. As announced by SingularityNET, this key approval marks the start of what is now the world’s largest open-source and decentralized network. 

This network is focused on accelerating the development of decentralized artificial general intelligence (AGI) and, eventually, ASI. Expressing appreciation for its community’s participation, SingularityNET emphasized the significance of this milestone in a statement.

SingularityNET said in an X post:

“We thank the SingularityNET community for their participation in this important vote.”

The initiative not only reflects a shift towards decentralized and team-oriented models in advanced AI technology development but also sets a new precedent in the field.

Bullish Signals on the Horizon

The AGIX token is exhibiting a bearish market structure on the 4-hour chart, which has dominated its long-term trend. However, recent movements suggest a shift in the market dynamics as the token breaks past previous highs, signaling a potential change to a bullish outlook. The chart also reveals an ascending triangle pattern, indicating a possible upward breakout.

AGIX/USD 4-Hour Chart (Source: TradingView)

If the price surpasses the 38.2% Fibonacci retracement level, it could trigger a significant rally, pushing AGIX to retest previous resistance near the 50% Fibonacci level. This momentum may extend toward the key resistance zone between $1.12 and $1.20. Conversely, if the market fails to sustain this bullish breakout and instead breaks downwards, AGIX could see a decline to its immediate support at $0.7852 or further to a 4-day low of $0.6253 before potentially gathering strength for another bullish push.

AGIX/USD 4-Hour Chart (Source: TradingView)

On the technical front, intraday indicators support the optimistic scenario. The Moving Average Convergence Divergence (MACD) shows the MACD line ascending above the signal line in the negative zone, marked at 0.0211. This suggests that a bullish bias is taking hold of the market in the short-term trend.

Additionally, the histogram displays increasing positive bars, reinforcing the likelihood of continued bullish momentum. The Bull Bear Power indicator further confirms this trend, with bars extending above the zero line, indicating strong bullish control and upward price action.