Elon Musk, the world’s wealthiest man, has created a new Artificial Intelligence (AI) company called X.ai. This news has caused the price of SingularityNET’s token, AGIX, to jump to its highest level since July 3rd.

Nvidia’s $50 million investment in a biotech company that uses AI has added to the optimism surrounding AI-related investments. This has seen many companies with an AI exposure, such as Nvidia and C3.ai, experience growth throughout this year.

The 4H chart shows the bullish trend that AGIX has experienced in the past few days. It has moved above the 25-period and 50-period moving averages as well as the important support level since June 20th. The token is now approaching the critical resistance level of $0.2693, which is the highest point it achieved on July 3rd.

The current head and shoulders pattern combined with the RSI moving above the overbought level indicate that the price could move above the right shoulder level of $0.26. If this occurs, the price could then move above the resistance level of $0.2693 and reach its target of $0.30.