AGIX price continues to plummet following its merger with Ocean (OCEAN) and Fetch.ai (FET). The latest setback is Bithumb, one of the top four crypto exchanges
Crypto exchange Bithumb, ranked among the top four in South Korea, has announced the upcoming delisting of the SingularityNET (AGIX) token from its platform. This announcement follows the recent merger of the SingularityNET project with Fetch.ai (FET) and Ocean (OCEAN) to create a new artificial superintelligence (ASI) token. As part of this merger, AGIX, FET, and OCEAN holders will have their tokens automatically converted into the new ASI token at the following rates:
* AGIX: 1 AGIX = 0.00002 ASI
* FET: 1 FET = 0.00008 ASI
* OCEAN: 1 OCEAN = 0.00004 ASI
The first phase of this token migration began on July 1, with the second phase set to take place in August. Notably, this news arrives amidst a broader market downturn, with over $60 billion in losses being reported in recent days.
This news also comes as part of a string of exchange delistings for the AGIX token. Previously, Binance announced that it would be halting AGIX spot and margin trading pairs on June 28, ahead of fully delisting the token on June 30. This move was prompted by the AGIX token being converted into a new ASI token as part of the SingularityNET project's merger with FET and OCEAN.
On the technical analysis front, AGIX price has been displaying a downtrend, breaking out of a descending triangle pattern with lower highs and a horizontal support at $0.76. Currently, AGIX price is trading at $0.5, where it has found some temporary support. A candlestick pattern is signaling a potential breakdown from this support, indicating further bearish momentum. Buying interest at this level is evident from the long lower wick on the current candle, which needs confirmation in the following candles.
The 50-day EMA is at $0.688, while the 200-day EMA is at $0.698, both above the current price, confirming the bearish trend. Additionally, the 50 EMA has just crossed below the 200 EMA, forming a death cross that usually signals the beginning of a prolonged bearish trend.
The primary support level for AGIX price is at $0.5, indicated by the horizontal black line. A lower support zone is highlighted by the grey area, ranging from $0.25 to $0.30. Immediate resistance lies at $0.6, with stronger resistance around $0.688 (50-day EMA) and $0.698 (200-day EMA).
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