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.
What you'll learn 👉
Key AGIX Technical Indicators
Hammer Candlestick Pattern
On 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 +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 Analysis
Santana 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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