SingularityNET’s AGIX price outlook as AI investments rise

• Elon Musk, the richest man on earth, has began a brand new AI firm.

• Nvidia made a $50 million funding in a biotech firm utilizing AI.

SingularityNET price jumped sharply on Thursday as traders reacted to the newest investments in synthetic intelligence (AI). AGIX, the community’s token, jumped to a excessive of $0.2640, the very best stage since July third. 

AI investments rising 

Artificial Intelligence has been a serious theme this yr as traders cheer the launch of key tasks like OpenAI’s ChatGPT and Google’s Bard. As a end result, most corporations with an publicity to synthetic intelligence like Nvidia and C3.ai have performed nicely this yr.

There are two foremost explanation why AGIX and different AI cryptocurrencies are rising. First, Elon Musk, the richest man on the earth, introduced that he had launched a brand new AI firm identified as X.ai. 

Details about what the corporate will do and the way it will work are nonetheless skinny. Still, analysts imagine that the corporate will search to construct a greater AI mannequin than ChatGPT and Bard. 

Elon Musk has an extended historical past with AI. For one, he was one of many preliminary funders of OpenAI. Also, an organization like Tesla makes use of some AI options already. Therefore, traders imagine that his involvement will result in extra progress within the trade.

Second, AI cash and shares jumped after Nvidia introduced a $50 million funding in Recursion, a biotech firm. Recursion will use Nvidia’s cloud platform to deal with over 23 petabytes of organic information. This is an indication that there are nonetheless extra demand for the AI monetary property.

SingularityNET price forecast

The 4H chart exhibits that the AGIX crypto price has made a powerful bullish development prior to now few days. It has moved above the essential assist stage since June twentieth. The coin has moved above the 25-period and 50-period shifting averages. It can be approaching the essential resistance stage at $0.2693, the very best level on July third. 

Meanwhile, the token looks like it has fashioned a head and shoulders indicator whereas the Relative Strength Index (RSI) has moved above the overbought stage. Therefore, a transfer above the appropriate shoulder stage of $0.26 will invalidate the bearish view. A transfer above the resistance at $0.2693 will result in extra upside, with the goal being at $0.30.