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AI tokens lead the charge as the market recovers: SingularityNET (AGIX) and Fetch.ai (FET) rise above 20% each!
As the markets head towards the end of the month, volatility has increased to a large extent. The weekly trade started with a massive pullback, which caused a huge pullback in BTC price, which also impacted altcoins. However, major tokens triggered a strong recovery after hitting new lows, due to which a large number of altcoins surged with double-digit gains, including the prices of SingularityNET (AGIX) and Fetch.ai (FET).
After surpassing yearly highs of around $1.4, the price of AGIX began trading within a parallel descending channel. Currently, the price is in the midst of a strong recovery that started after a bounce from the support, which is expected to prevail for a long time. The rising RSI is the reason behind the bullish forecast, which is supported by the converging Bollinger bands. Volume has increased, led by buyers, so another bullish push could help AGIX price break above the channel’s upper resistance.
Although the price may undergo a small correction, the resistance can offer a solid base to initiate a recovery towards $1. On the other hand, the price of Fetch.ai (FET) showed similar price action and triggered a healthy rebound from crucial levels. With this, it seems that the price is poised for another 15% increase before the end of the month.
FET price triggered a strong bounce from the 0.23 FIB level, which was very important as the next support was over 50% away. The bulls swung into action and raised levels by 40%. However, the rally does not seem to stop here at any point, as further bullish action is yet to occur. Although the RSI is incremental, the DMI has not given a bullish signal as +Di and Di are yet to undergo a bullish crossover.
Therefore, Fetch.ai price is expected to maintain a tight consolidation above earnings for some time yet. Furthermore, the next bullish push could take levels above the 0.5 FIB to $1.8, provided the market sentiment remains bullish until the end of the month.