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According to one analyst, SingularityNET’s recent performance could confirm a breakout of a higher time frame, allowing AGIX to rebound towards $2 in the coming months.
Meanwhile, traders are also bullish on AI Scotty, with pre-sale exceeding $800,000. Could this be the next AI coin to explode?
AGIX validates analysts’ thesis after a breakout.
TradingView analyst ParabolicP published a trading paper on February 19th speculating that SingularityNET could rise to $2.
At the time, AGIX was at $0.46, which was far from traders’ optimistic price targets. Moreover, unlike the rest of the cryptocurrency market, it has yet to show much momentum, but the recent cryptocurrency AI boom has changed all that.
SingularityNET achieved the “cup-and-handle dream” by surging to a high of $0.84 on February 23, breaking past previous weekly resistance levels.
The Cup and Handle is a chart pattern similar to a cup, showing a period of consolidation before a continuation of the bullish trend. The pattern usually follows a breakout followed by an explosive run.
Following the recent uptrend, AGIX has returned to the cup and handle pattern resistance level of $0.68. A bounce from this price would be bullish and would retest previous resistance and turn into support.
Fellow market analyst Finsends also expect This suggests that a rebound from current levels could lead to a rise to $0.95 in the medium term.
Accordingly, the analyst Believe AGIX will pull back and retest the $0.9 level before continuing towards $1.05.
Currently, SingularityNET has a market cap of $850 million and 24-hour trading volume of $177 million. The price is down 3.78% today, but up 21% this week, 146% this month, and 40% this year.
This month’s performance reflects the market’s broader appetite for AI-related investments, with GPU maker NVIDIA recently achieving a $2 trillion valuation.
Meanwhile, other AI-related cryptocurrencies are also surging, with Theta Network up 62% this week and Worldcoin up 210% this month, with many smaller AI tokens showing even more strength.
One is Scotty the AI, a project that combines AI and memes.
AI Scotty raises over $800,000 in presales
By leveraging AI, Scotty, the AI, “can remember every transaction, every block, and every hash ever recorded on the blockchain.”
This made him adept at finding “clues and connections that other people could only dream of.”
The team demonstrated their understanding of memetic crypto culture and their ability to innovate by intentionally packaging this security solution behind a beloved and culturally resonant meme coin.
This combination of problem-solving use cases and playful marketing caught the eye of many investors, and over $800,000 was raised in presales.
The project also received support from analysts, with Michael Wrubel calling it “the best meme cryptocurrency of 2024.”
Those looking to compound their profits can deposit tokens on the project’s staking dashboard. Currently you can earn 133% APY, but this number will decrease as more tokens are staked.
And in a two-pronged approach to rewarding early adopters, AI Scotty’s pre-sale price will gradually increase as the campaign progresses.
The current price is $0.00605, the next rise will occur in 7 days.
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