In a recent development, the falling AGIX price appears to have found a specific direction as a downsloping channel pattern emerges in the daily time frame chart. Since its peak at $0.59, the altcoin has plummeted nearly 61.7%, marking the monthly low at $0.226. Despite the ongoing market volatility, buyers have managed to break out of the pattern’s key resistance trendline, indicating an attempt to regain trend control.
The channel pattern is characterized by three lower highs and two lower lows, connected with trend lines, suggesting a reliable setup. A bullish breakout from the overhead trendline signals a possible trend reversal for AGIX. Over the past 24 hours, the trading volume of the SingularityNET coin dropped 25% to $135.2 million.
As the AGIX price shows signs of rallying with a bullish breakout from the resistance trendline, the altcoin is currently trading at $0.31, registering an intraday gain of 6.35%. If the daily candle closes above the breached trendline, the buyers may secure a stable launchpad, which could lead to higher prices. In an extremely bullish scenario, the resulting rally might surge the AGIX price to $0.588, a potential growth of 90%. Nonetheless, more conservative targets for long-buyers could be $0.366 or $0.45, considering the significant supply zones at these levels.
Since an upside breakout from the channel pattern potentially signals a bull rally in AGIX price, each swing high within the pattern may serve as a target for buyers to book profit. Consequently, with sustained buying momentum, the price rally could reach $0.366, $0.45, or even $0.588.
Technical indicators such as the relative strength index (RSI) and Bollinger Bands support these projections. The daily RSI has experienced a two-month high at 56%, hinting at buyers striving to reach higher levels. Additionally, the Bollinger Bands challenge on the upside suggests an active buying momentum and offers further confirmation of a possible price rally.
However, it is essential to maintain a skeptical approach in this domain, as market conditions can change rapidly. It is crucial to conduct thorough research before investing in cryptocurrencies. The opinions expressed here are subject to market fluctuations, and the author or the publication does not hold any responsibility for personal financial loss that may arise.
Source: Coingape
