SingularityNET‘s token (AGIX), Ocean Protocol (OCEAN), and Fetch.ai (FET) faced significant price drops after their merger. The situation worsened for the altcoin when Bithumb, one of South Korea’s largest four cryptocurrency exchanges, announced it would delist AGIX. This move came at a particularly challenging time for the cryptocurrency market, which recently experienced a loss of over $500 billion.
Bithumb Delists SingularityNET (AGIX)
Bithumb‘s decision to delist AGIX follows the altcoin’s merger with FET and OCEAN into a new entity called Artificial Superintelligence Token (ASI). According to Fetch.ai’s official statement, the conversion rates for the transition are as follows:
1 AGIX = 0,433350 ASI
1 OCEAN = 0,433226 ASI
1 FET = 1 ASI
Bithumb’s decision to delist AGIX is the latest in a series of major exchanges withdrawing support, complicating the merger process that began on July 1 and will continue into August.
AGIX’s Price Struggle
AGIX is currently on a downward trajectory, breaking out of a descending triangle formation with lower highs and a horizontal support level around $0.76. AGIX is now trading at $0.5, where it has found temporary support. The latest candlestick formation indicates a potential break from this support level, suggesting further downward momentum.
Technical analysis supports a bearish outlook for AGIX. The 50-day Exponential Moving Average (EMA) is at $0.688, and the 200-day EMA is at $0.698. Both are above the current price, confirming the bearish trend. The recent “death cross,” where the 50-day EMA crossed below the 200-day EMA, also indicates a potential long-term bearish phase.
The primary support level for AGIX is around $0.5, marked by a horizontal black line. Below this, the gray area between $0.25 and $0.30 could serve as a lower support zone. The immediate resistance level is at $0.6, while stronger resistance is at $0.688 (50-day EMA) and $0.698 (200-day EMA).
Additionally, the altcoin’s Relative Strength Index (RSI) stands at 40.54, slightly above the oversold region, indicating a minor relief rally but generally showing weakness. The Moving Average Convergence Divergence (MACD) is below the signal line and in the negative zone, further supporting the bearish trend.
