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SingularityNET (AGIX/USD) and SingularityDAO (SDAO/USD) prices crawled back on Wednesday as demand for artificial intelligence remained elevated. Other AI coins like Fetch.ai’s FET and The Graph (GRT) were among the top movers, according to Binance.
Artificial Intelligence momentum
Investors are always driven by fear and greed. In most periods, greed happens when the fear of missing out (FOMO) happens. With retail traders coming back to the market, we have seen greed manifest recently. This explains why some beaten-down stocks like Carvana and Mullen Automotivehave jumped this year.
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Retail traders are also pumping AI assets after the successful rollout of ChatGPT and the recent update of Bing and Microsoft Edge. Investors believe that AI, and not the metaverse, will power the next stage of computing. As a result, AI stocks like Artificial Intelligence Technology Solutions (AITX) and C3.ai have jumped.
The same trend is happening in the crypto universe, where cryptocurrencies with AI have done well. AGIX and SDAO have emerged as some of the best-performing tokens this year as they jumped by more than 1,000% from their lowest levels in December.
AGIX is the main crypto token for Singularity’s ecosystem while SDAO is the token for SingularityDAO. SingularityDAO is a portfolio management that makes it easy for anyone to manage crypto assets. Singularity, a Cardano-based network, has created a marketplace for AI solutions. Some of the applications in its ecosystem are Rejuve, Nunet, Awakening Health, and Jam Galaxy among others.
Therefore, AGIX crypto price has risen as investors bet that the ecosystem will continue expanding as artificial intelligence goes mainstream. However, the main risk is that investors are getting ahead of themselves. We have seen this before. In 2021, metaverse tokens like SAND and MANA surged after Facebook changed its name to Meta Platforms. Today, they are both shadows of their former selves.
AGIX price forecast
SingularityNET price jumped to a high of $0.6698 on February 8 of this year as AI tokens rose. It then declined by almost 50% and settled to a low of $0.3415. The token has now bounced back slightly and moved above the 25-day and 50-day moving averages (MA). It has also moved slightly above the key resistance point at $0.44.
Therefore, I suspect that the coin is forming a double-top pattern whose higher side is at $0.6698. As such, there could be more upside in the coming days as buyers target the key resistance point at $0.5300.