While AGIX’s price rally has stalled recently, FetchAI continues to rise.
The native tokens AGIX from SingularityNET and FET from FetchAI were once again among the best-performing cryptocurrencies this week.
The FET price is up 6.76% in the last 24 hours, and the coin is currently trading at $0.2828. That’s a price increase of more than 200% since the start of the year.
SingularityNET is currently trading at $0.2143. The price change in the last 24 hours is around 1%, but it is down 6% as measured by the BTC-FET rate. Still, this cryptocurrency has rallied around 468% from its lowest point this year.
Why Have SingularityNET and Fetch Prices Raised That Much?
Most cryptocurrencies have traded in a tight range this week, as last week’s momentum faltered. Bitcoin has since fallen from the previous year’s high of $21,400 to around $20,000. Similarly, the price of Ethereum initially fell as well.
Meanwhile, the two largest coins by market cap have erased those losses and renewed their highs this year: Bitcoin is currently trading at $22,617 and Ether at $1,653.
This development comes as fears of a recession mount. The top news of the week was about huge tech companies that are incredibly profitable announcing major staff cuts.
Major US companies also released worrisome fourth-quarter financial results. Banks including Goldman Sachs, Citigroup, and Wells Fargo said their profits fell more than 30%.
Meanwhile, there was no news related to SingularityNET and FetchAI this week. This suggests that its uptrend is mainly due to the general situation in the crypto market.
FET Price Prediction
The FetchAI (FET) price has reached new highs this week. However, a closer look at the trading volume shows that the uptrend may fade soon. In most cases, the decline in volume is a sign that the original trend is coming to an end. Additionally, a formation that looks like a shooting star candlestick has emerged.
However, on the upside, the current price is holding above the 50-day exponential moving average. Therefore, at this point, it would be prudent for the buyers to start taking profits and trim their positions. The bearish view will be refuted if the coin manages to move above this week’s high of $0.29.
AGIX Price Prediction
Like FetchAI, the AGIX price has also been on an uptrend of late. On the price chart, it can be seen that the coin has started to form a rising wedge, which is shown in red. This is usually one of the most accurate bearish signals. At the same time, volume flows have started to recede. Therefore, the price of SingularityNET is likely to break out soon.
By Audy Castaneda
