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SingularityNET’s recent performance could confirm a higher-time frame breakout, enabling AGIX to rally toward $2 in the coming months, according to one analyst.
Meanwhile, traders are also bullish on Scotty the AI as its presale exceeds $800K. Could this be the next AI coin to explode?
AGIX validates analyst’s thesis after breakout
TradingView analyst ParabolicP presented a trade thesis on Feb. 19, speculating that SingularityNET could run toward $2.
AGIX was $0.46 at the time, a far cry from the trader’s optimistic price target. Furthermore, it had yet to show any outsized momentum as opposed to the rest of the crypto market, but this all changed amid the recent crypto-AI boom.
SingularityNET spiked to highs of $0.84 on Feb. 23, breaking above the previous weekly time frame resistance to forge a “cup and handle dream.”
A cup and handle is a chart pattern that resembles a cup and illustrates a consolidation period before a bullish continuation. The pattern is typically followed by an explosive run after the breakout.
Following the recent uptick, AGIX has returned to $0.68, the cup and handle pattern resistance level. A bounce from this price would be bullish, retesting the previous resistance and flipping it to support.
Fellow market analyst Finsends also anticipates a bounce from its current level, suggesting it could push toward $0.95 in the near-to-mid term.
Following this, the analyst believes AGIX will pull back and retest the $0.9 level before a continuation toward $1.05.
Currently, SingularityNET holds a $850 million market cap and a $177 million 24-hour trading volume. It’s price is down 3.78% today but remains up 21% this week, 146% this month, and 40% this year.
This month’s performance reflects a broader market appetite for AI-related investments, with GPU manufacturer NVIDIA recently touching a $2 trillion valuation.
Meanwhile, other AI-related cryptocurrencies are also soaring, with Theta Network up 62% this week, Worldcoin up 210% this month, and many smaller AI tokens showing even more strength.
One is Scotty the AI, a project merging AI and memes.
Scotty the AI raises over $800k in presale
Harnessing AI, Scotty the AI can “recall every transaction, every block, and every hash that has ever been recorded on the blockchain.”
This makes him adept at finding “clues and connections that others can only dream of.”
The team wittingly packaged this security solution behind a lovable and culturally resonant meme coin, displaying an understanding of the memetic crypto culture and an ability to innovate.
This blend of a problem-solving use case and jovial marketing has caught the eye of many investors, leading to over $800K raised in the presale.
The project is also backed by analysts, with Michael Wrubel dubbing it the “number one meme crypto for 2024.”
Those looking to compound their gains can deposit their tokens in the project’s staking dashboard. They can currently earn a 133% APY, but this will decrease as more tokens are staked.
And in a two-pronged approach to rewarding early adopters, Scotty the AI’s presale price will incrementally increase as the campaign advances.
Currently priced at $0.00605, the next uptick will occur in seven days.
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This article first appeared at crypto.news
