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Price Analysis

AGIX and STX Join Top Gainers, Indicators Warn of Reversal

AGIX/USD Price Analysis

Bulls emerged triumphant as SingularityNET (AGIX) established support at the intra-day low of $0.3808. Due to the bullish control, the AGIX price reached an intra-day high of $0.4704 before encountering firm resistance. Although meeting resistance, AGIX bulls had advanced the price by 5.95% to $0.4081 as of press time.

Traders hoping to continue the bullish run jumped on board, producing a 5.97% and 164.71% increase in market capitalization and 24-hour trading volume to $492,481,414 and $256,497,105, respectively. The strength of bulls is reflected in the recent rise in the AGIX price, which is expected to be well received by market participants. 

AGIX/USD 24-hour price chart (source: CoinMarketCap)

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The Bollinger bands are bulging on the 2-hour price chart, with the upper band reaching 0.44810941 and the lower band at 0.36480877, showing the market’s bullish momentum. This suggests that the current price is on an upward trend and may continue to climb as more buyers enter the market. However, since a red candlestick pattern is building as price action dips toward the middle band, investors should be wary of reversing the bullish trend, which might suggest a possible sell-off.

The Bull Bear Power (BBP) has recently shifted into the negative area, with a value of -0.00487839, suggesting that bearish momentum is increasing, although the market is now bullish. This movement indicates that more traders are selling than buying, and the trend may reverse. 

Indicators like the BBP and a red candlestick pattern point to a change in investor attitude, indicating that present market participants should proceed cautiously.

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With a reading of -0.06, the Chaikin Money Flow (CMF) also dips below the “0” line, casting doubt on the bullish momentum. This negative trend reflects an underlying market weakness, implying that more money is leaving the market than entering, reflecting an overall pessimistic market outlook.

AGIX/USD 2-hour price chart (source: TradingView)

STX/USD Price Analysis

The Stacks (STX) market has been bullish the previous day, with price action moving between $0.5903 and $0.7626. At press time, the price had risen 14.43% to $0.6784, indicating that bullish momentum had persisted.

With optimistic optimism ruling the STX markets, investors are probably fueling the recent price increase. As evidence of this, the market capitalization increased by 14.65% to $941,655,121. However, the STX markets may see some correction soon as the 24-hour price chart has dropped 36.20% to $660,447,914. Therefore, market participants should exercise caution and prepare for any market corrections in light of this.

STX/USD 24-hour price chart (source: CoinMarketCap)

With a value of 0.04297658, the MACD blue line falls below the signal line, indicating that the present bullish momentum in STX will decrease and may soon change to a negative trend. This movement signals that buying activity is slowing, and the STX might fall in the foreseeable future. 

The chance of a bearish transition is more significant than a positive trend because the histogram generates red bars representing bearish divergence. As a result, investors may consider selling STX positions or opening short positions to safeguard against a drop in value.

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The Fisher Transform value of -0.40 and the trending below its signal line support this negative perspective. These factors suggest that the STX is entering a bearish cycle, and investors should be cautious of their investments.

With a stochastic RSI score of 11.42, the STX market is oversold, suggesting that the current positive momentum may be fleeting. With this negative technical picture, investors should consider taking action to safeguard their STX investments by either limiting their exposure to the STX market or engaging in short positions.

STX/USD 2-hour price chart (source: TradingView)

According to technical indicators, the STX and AGIX markets may soon experience a downtrend.


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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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