AGIX cryptocurrency, a prominent player in the realm of Artificial General Intelligence (AGI), saw a notable uptrend in the previous week, resulting in a 40% increase in value.
This surge followed a period of consolidation over a week, and when viewed over a monthly scale, AGIX showed an impressive 270% rise.
Despite a minor pullback in recent days, the cryptocurrency continues to exhibit a positive market trend at the time of this analysis. Is there potential for further growth?
What Lies Ahead for AGIX Coin?
The consistent formation of higher lows (HL) and higher highs (HH) since November 22nd has reinforced AGIX’s bullish market trend on the 4-hour chart. Even a 26% decline on November 26th failed to shift the market sentiment to bearish.
Although this pattern suggests the possibility of a continued upswing, with initial price targets set at $0.16 and $0.19, the declining inflows into the coin may impede its upward trajectory.
This development is depicted by the Chaikin Money Flow (CMF), a tool that monitors the flow of capital into and out of assets. The recent decline and stabilization in the CMF signal a reduction in flows following Bitcoin’s dip from its nearly $100,000 peak.
An earlier substantial surge in CMF after the US elections had propelled AGIX to a 300% rally. Therefore, the subdued flows could jeopardize the anticipation of a strong upward movement.
Furthermore, the Relative Strength Index (RSI) fluctuated above the midway point of 50, indicating variable demand levels.
Can Strong AI Focus Drive Momentum?
The dominance of AI discussions was evident in November, potentially contributing to the significant upward momentum in AGIX crypto. If this trend continues into December, AGIX could profit from the heightened interest in the sector.
Conversely, a decline in AI focus might impact the coin negatively, making it crucial to monitor variables such as Bitcoin’s performance, AI prominence, and AGIX’s market sentiment.