Bithumb, one of South Korea’s top cryptocurrency exchanges, has announced the delisting of SingularityNET’s AGIX token. This decision comes on the heels of a recent merger involving AGIX, Ocean Protocol (OCEAN), and Fetch.ai (FET) into a new entity called Artificial Superintelligence Token (ASI). The cryptocurrency market has already been experiencing substantial losses, with a drop of over $500 billion, making this delisting a significant blow to AGIX and its stakeholders.
What Prompted Bithumb’s Decision?
Bithumb’s move to remove AGIX stems from the altcoin’s recent merge with FET and OCEAN. The transition rates have been set, with 1 AGIX converting to 0.433350 ASI, 1 OCEAN to 0.433226 ASI, and 1 FET to 1 ASI. The delisting is part of a broader withdrawal of support from major exchanges, complicating the merger process that began on July 1 and is expected to continue through August.
Why Is AGIX’s Price Falling?
AGIX has been struggling, falling out of a descending triangle formation and currently trading at $0.5. Technical analysis reveals a bearish outlook, with key indicators like the 50-day and 200-day Exponential Moving Averages (EMA) standing above the current price. A “death cross,” where the 50-day EMA dips below the 200-day EMA, suggests a prolonged bearish phase. Support levels are identified at $0.5 and in the $0.25-$0.30 range, with resistance at $0.6, $0.688, and $0.698.
Concrete Inferences for Investors
Investors should consider the following actions in light of recent events:
- Re-evaluate holdings in AGIX due to its ongoing bearish trend.
- Monitor technical indicators like EMA and RSI for signs of potential recovery.
- Stay updated on further announcements from major exchanges regarding AGIX.
- Consider diversification to mitigate risks associated with specific tokens.
The Relative Strength Index (RSI) of AGIX is currently at 40.54, slightly above the oversold territory, indicating a minor relief rally but overall weakness. Additionally, the Moving Average Convergence Divergence (MACD) remains below the signal line and in the negative zone, reinforcing the bearish sentiment.
In summary, the delisting of AGIX by Bithumb and the prevailing bearish technical indicators suggest a challenging period ahead for the token and its investors. Keeping an eye on market trends and technical analyses will be crucial for navigating this turbulent phase.