The SingularityNET (AGIX) price is correcting after a 1,285% increase since the beginning of the year. A short-term relief rally may occur before another decrease.
The AGIX price has been on an absolute tear since the beginning of the year. In a span of 37 days, the AGIX price increased by 1,285%, leading to a new all-time high of $0.67 on Feb.8.
However, the price fell sharply immediately after the all-time high and has decreased by 37.61% so far. The decrease was preceded by a bearish divergence in the daily RSI.
Currently, the price is attempting to reclaim the 0.618 Fib retracement support level at $0.42. If it does, it would be possible for the correction to be done.
However, if the price fails to reclaim the area, it could fall down to $0.23.
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A look at a lower time frame is required in order to determine if the AGIX price will reclaim the area or get rejected from it instead.
AGIX/USD Daily Chart. Source: TradingView
SingularityNET Price Begins Relief Rally
The wave count shows that the AGIX price is likely in wave four of a five-wave upward movement (black). Wave three extended considerably. The sub-wave count for it is given in red.
If the count is correct, the SingularityNET price is in an A-B-C corrective structure that will complete wave four. The most likely level for the wave to end is at $0.24. If the price closes below it, it could fall to the next support at $0.15. However, a relief rally is expected in the next 24 hours before the final drop. Afterward, an increase toward a new all-time high price is expected.
A fall below the wave one high of $0.073 (red line) would invalidate the bullish count and suggest that the price will fall below $0.04.
A movement above the current all-time high would indicate that wave 5 is in progress. In that case, the next resistance levels would be at $0.84 and $1.06, respectively.
AGIX/USD Six-Hour Chart. Source: TradingView
To conclude, the most likely AGIX price forecast is a fall toward $0.23 followed by an upward movement toward a new all-time high. On the other hand, if the AGIX token price breaks down below $0.23, it could fall down to $0.14.
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