AGIX Price Analysis: AGIX token faces rejection from 50 day EMA

• AGIX token shows rejection from the strong resistance mark of $0.3000.
• Bulls tried to escape the range post breakdown , but failed.

SingularityNET token is facing a barrier of 50 day EMA and rejected back towards 20 day EMA to take support. Recently, price action showed a breakout, but the token did not forward the gains and stayed in range giving up the gains.

Moreover, the token has faced a strong resistance mark where bulls already had positioned well and maintained grip where bulls faced a throwback. However, the token was noted with a drop of 7% intraday. The token noted an intense selling pressure in the intraday session where sellers showed their dominance on the charts.

Although, AGIX token stayed in a bullish territory and above the 20 day EMA where bulls maintained the gains, but sellers tried to reverse the trend and a profit booking was noted.

When writing, AGIX token trades at $0.2983  with an intraday drop of 8.34% showing bearish indications. Moreover, the pair of AGIX/BTC is at 0.0000110 BTC, and the intraday trading volume increased by 32.70% to $154.61 million showing selling pressure and making of short positions. The day high of AGIX is $0.3329, and the day low is $0.2982. The market cap of AGIX is $330.30 Million.

Daily Chart Shows Selling Pressure

On the daily charts, AGIX token is slipping gains and hovers near the 20 day EMA, where bulls lose the momentum and feel hopeless. Moreover, the price action is reverted from bullish to neutral and the token again enters into the congestion zone. The range between the $0.2800 – $0.3000 is the place where bulls try to escape above the 50 day EMA, but bears continue to force back the bulls and this throwback.

However, token is reverting from the upper bollinger band and now heading to take support on the middle band.

What Technical Indicators Say?

On the 4 hour charts, AGIX token took a reversal rise post breakout, where bulls did not forward the gains and sellers showed their aggressive muscles and attained grip resulting in tank in token price.

Moreover, the technical indicators suggest bearish cues in the intraday session due to the massive decline of 7%. 

The RSI shows a reversal from the oversold region and negative crossover was shown on the curve which was a sign of seller activation on the token.

The MACD also indicates the same as RSI says where a bearish crossover was noted with red bars floated on the histogram.

Conclusion:

AGIX token stayed in the bullish territory but there was profit booking happening in the ongoing session which made price to  retest the 20 day EMA.

Technical levels

Resistance levels: $0.3000

Support levels: $0.2800

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.