SingularityNET (AGIX): Sell-off far from over
On the 12-hour chart for AGIX, we’ve observed a significant rise from $0.22 at the beginning of the year to $1.47. Following this peak, the coin experienced a notable sell-off, testing but failing to break above the previous high. This decline brought us to our assumed Wave II, which stabilized around the level of Wave (4). Wave (4) is situated at approximately $0.594, which also coincides with the level of Wave (1) further left on the chart. This area has proven to be a strong support level. Since stabilizing, AGIX has been trading within a trend channel.
We see a potential scenario where AGIX might lose the support of the trend channel, leading to a retest of the High Volume Node Edge and the Point of Control. This retest could provide a foundation before any significant move towards $1.47.
Given the current market structure, we do not anticipate an easy breakout above $1.47 for AGIX without a retest. Therefore, we expect a pullback to between $0.75 and $0.67. After this retest, our target remains $1.47, but we will conduct a more detailed entry once the trend channel is broken.
The Liquidation Heatmap for AGIX provides additional insights into potential market movements. The heatmap reveals significant liquidation levels around the $0.748 mark. This concentration of liquidations suggests that the market might dip to this level to clear out these positions.
The presence of these liquidations adds weight to our expectation of a pullback to the $0.75 to $0.67 range. Clearing out these liquidations can provide a stronger foundation for an upward move.
In addition to the previously mentioned support levels, the heatmap reinforces the importance of these areas. The market often targets zones with high liquidation levels to reset positions and gather momentum for the next significant move. Therefore, we should be prepared for a potential dip to these levels before any substantial upward trend resumes.
On the quarterly VWAP chart, AGIX is trading within the range between the 2024 Q1 VAH (Volume-Weighted Average Price High) and the 2024 Q1 VWAP. We have tested the 2024 Q1 VAH multiple times, even briefly exceeding it twice, but we have consistently fallen back below this level.
The key question now is whether we will test this level again. If we do, it is possible that we might retest it. However, we believe the momentum and volume might be too strong to sustain another push above this level. Simultaneously, we are holding and respecting the current quarter's VAL (Volume-Weighted Average Price Low).
If we lose this support, it would likely be significant, potentially leading to a drop to the 2024 Q1 VWAP at around $0.72. This scenario aligns with our analysis from the liquidation heatmap and the 12-hour chart, supporting the idea of a pullback to lower levels before any substantial upward move.
In summary, while the possibility of retesting the 2024 Q1 VAH exists, losing the current quarter's VAL would likely confirm a move down to the $0.72 level.
On the 4-hour chart for AGIX, we have been trading in a range between the High-Volume Node Edge at $0.85 and $1.12 since mid-April. The Point-of-Control (POC) at $0.97 has frequently acted as both support and resistance. We expect this range-bound movement to continue. The key question is whether we will retest the supply level or the High-Volume Node Edge. This will require breaking above the POC.
Another possibility is losing the demand level and using it as a demand breaker to fulfill our future limit orders before moving higher. If we flip the supply level, our bearish scenario would be invalidated. However, if the supply holds, we might see another drop before any significant upward movement.
In summary, we expect continued ranging between $0.85 and $1.12. The next move will depend on whether we break above the POC or lose the demand level. Flipping the supply level would invalidate the bearish outlook, while holding the supply could lead to another dip.
We see a potential scenario where AGIX might lose the support of the trend channel, leading to a retest of the High Volume Node Edge and the Point of Control. This retest could provide a foundation before any significant move towards $1.47.
Given the current market structure, we do not anticipate an easy breakout above $1.47 for AGIX without a retest. Therefore, we expect a pullback to between $0.75 and $0.67. After this retest, our target remains $1.47, but we will conduct a more detailed entry once the trend channel is broken.
The Liquidation Heatmap for AGIX provides additional insights into potential market movements. The heatmap reveals significant liquidation levels around the $0.748 mark. This concentration of liquidations suggests that the market might dip to this level to clear out these positions.
The presence of these liquidations adds weight to our expectation of a pullback to the $0.75 to $0.67 range. Clearing out these liquidations can provide a stronger foundation for an upward move.
In addition to the previously mentioned support levels, the heatmap reinforces the importance of these areas. The market often targets zones with high liquidation levels to reset positions and gather momentum for the next significant move. Therefore, we should be prepared for a potential dip to these levels before any substantial upward trend resumes.
On the quarterly VWAP chart, AGIX is trading within the range between the 2024 Q1 VAH (Volume-Weighted Average Price High) and the 2024 Q1 VWAP. We have tested the 2024 Q1 VAH multiple times, even briefly exceeding it twice, but we have consistently fallen back below this level.
The key question now is whether we will test this level again. If we do, it is possible that we might retest it. However, we believe the momentum and volume might be too strong to sustain another push above this level. Simultaneously, we are holding and respecting the current quarter's VAL (Volume-Weighted Average Price Low).
If we lose this support, it would likely be significant, potentially leading to a drop to the 2024 Q1 VWAP at around $0.72. This scenario aligns with our analysis from the liquidation heatmap and the 12-hour chart, supporting the idea of a pullback to lower levels before any substantial upward move.
In summary, while the possibility of retesting the 2024 Q1 VAH exists, losing the current quarter's VAL would likely confirm a move down to the $0.72 level.
On the 4-hour chart for AGIX, we have been trading in a range between the High-Volume Node Edge at $0.85 and $1.12 since mid-April. The Point-of-Control (POC) at $0.97 has frequently acted as both support and resistance. We expect this range-bound movement to continue. The key question is whether we will retest the supply level or the High-Volume Node Edge. This will require breaking above the POC.
Another possibility is losing the demand level and using it as a demand breaker to fulfill our future limit orders before moving higher. If we flip the supply level, our bearish scenario would be invalidated. However, if the supply holds, we might see another drop before any significant upward movement.
In summary, we expect continued ranging between $0.85 and $1.12. The next move will depend on whether we break above the POC or lose the demand level. Flipping the supply level would invalidate the bearish outlook, while holding the supply could lead to another dip.
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