2024-6-27 21:30 |
Cryptocurrency analyst Alan Santana has shared a compelling technical analysis of the AGIX/BTC trading pair, focusing on the 3-day timeframe. The analysis reveals a series of classic bullish signals that could indicate the start of a 280% movement for SingularityNET’s AGIX token against Bitcoin.
Key AGIX Technical Indicators Hammer Candlestick PatternOn June 17, the AGIX/BTC pair formed a perfect hammer candlestick pattern. This formation is particularly noteworthy for several reasons:
The hammer appeared after a steep price decline. It was followed by two green (bullish) closing sessions. All textbook requirements for a hammer pattern were met.Santana emphasizes that this hammer pattern represents a higher low compared to October 2023, adding weight to its bullish implications.
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Show more +Show less –A crucial observation in Santana’s analysis is the lack of major volume during the hammer formation. This absence of volume suggests:
No substantial selling pressure Limited resistance to potential upward movement Long-Term Trend AnalysisSantana contextualizes the recent price action within a broader market perspective:
The bullish move in early 2024 is considered the initial breakout. This breakout potentially signaled the end of a long-term consolidation phase. The current price action, including the hammer pattern, may indicate the beginning of the next bullish wave.Alan Santana’s technical analysis presents a compelling case for a bullish outlook on the AGIX/BTC pair. The combination of a textbook hammer pattern, favorable volume dynamics, and the broader market context suggests that AGIX could be poised for major gains in the coming days.
AGIX is trading at $0.7389, with an 8.7% surge in price over the last 24 hours. Even though the whole crypto market has not recovered fully, AI tokens have been recovering greatly.
Read also: Ripple’s XRP Will Surpass Ethereum – Here Are 3 Reasons According to Crypto Analyst
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The post SingularityNET (AGIX) Shows Bullish Signals: Analyst Predicts Potential 280% Surge appeared first on CaptainAltcoin.
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