The interest in artificial intelligence (AI) applications has been on the rise as the use of various platforms, such as SingularityNET and OpenAI’s text-based tool ChatGPT, has become more widespread.
AGIX, SingularityNET’s native token, has seen a strong ascent in price since January, showing investors a whopping 923% increase in the monthly time frame, according to Coingecko data.
AI is slowly becoming a household name because of its massive potential. As tech giants like Google pour huge amounts of money into the research and development of artificial intelligence, the space is expected to grow by nearly 40% by 2030.
AI At The Helm of SingularityNET’s Growth
SingularityNET’s Twitter account recently announced their intention to create a MeTTa-based DSL, or domain specific language. This could be a collaboration with Cardano, with SingularityNET mentioning Cardano’s programming language Haskell.
According to the tweet, the creation of DSLs is a must to address the scalability problem of DeFi.
🧵 Enabling real-world use cases at scale on the #SingularityNET platform via creating a MeTTa-based DSLs focused on smart contract programming in specific industry verticals.#BuildingOnSNET #AI #Cardano pic.twitter.com/SoB7V8SAw4
— SingularityNET (@SingularityNET) February 7, 2023
“This illustrates the need for a framework that can remove these impediments and enables updating and modifications of DSLs within a highly flexible language like MeTTa (Meta Type Talk) AGI programming language,” SingularityNET said.
Cardano’s Marlowe DSL pioneered the use of a domain specific language. However, OpenCog’s MeTTa AGI language would improve upon the concept, bringing scalability closer to developers in a more effective manner.
AGIX At $0.5558 – Can The Token Continue Its Climb?
The token is currently riding a rocket at its current price of $0.5558 with a support at $0.42899 and $0.17532. At the time of writing, AGIX has currently hit a ceiling at $0.59998 which may revert towards its current support at $0.42899.
With the token hitting a price ceiling, the continuous climb of AGIX might be hindered in the short to medium term. If the current resistance holds, investors and traders might see the token drop towards $0.17532 support which could support a bearish decline.
Investors and traders should still exercise caution as the token reaches its peak as could mean a sharp decline in price. But with AGIX’s support at $0.17532, the token might be able to target higher highs in the long term.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
With the possibility of short to medium term pain, AGIX bulls should be focused on consolidating above $0.42899 price support range which would create a zone of safety for investors and traders.
SingularityNET’s decision to use MeTTa to create a DSL would bring attention to the network which will boost the token’s price in the long term.
Investors and traders should still be bullish on the long term as SingularityNET’s development continues.
Featured image from Bitnovo Blog