SingularityNET price gears up for clash between bears and bulls with price to drop 10%
- SingularityNET price's recent 20% decline could turn into a 30% correction.
- AGIX is coming to meet vital support at $0.24.
- Expect to see another leg lower with a trifecta of support levels building a strong price floor for AGIX.
SingularityNET (AGIX) price is feeling the heat as relentless selling pressure pushes price action further to the downside on Wednesday. After a smooth run for bears, a battle is set to unfold as they are nearing a fortified area where bulls await them. Expect to see some medieval scenes with bears and bulls battling each other near $0.24. Bulls will likely prevail in the end but not before price action has dropped another 10% to $0.23.
SingularityNET price eyes support trifecta between $0.23 and $0.25
SingularityNET price is still under pressure from bears who have trapped the price action in a solid downtrend since mid-May. Bears though will soon run into some support as a trifecta of support elements will soon be available. First, the 200-day Simple Moving Average (SMA) needs to break near $0.25.
Once that is done, bears wil head for $0.24 with a longer-term ascending trendline and the monthly S2 support coming in. By then, the Relative Strength Index (RSI) will be at or in oversold territory. Once bears reach $0.23, they will get trapped.
AGIX/USD 4H-chart
Bulls will watch an easy breakout of the red descending trendline. Should the 200-day SMA already provide ample support and push price action back up, a break through that trendline would see many bulls flocking into the trade. AGIX would be primed to head higher toward $0.32 and book a 25% gain.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
