The Price of Adventure Gold (AGLD) Surges by 13%
The price of Adventure Gold (AGLD) has experienced a significant increase of over 13% in the past 24 hours. Currently, the altcoin is being traded at $0.7992, following a gain of 14%. Technical indicators on the cryptocurrency’s daily chart also suggest that its price may continue to rise in the next 24-48 hours. However, indicators on AGLD’s 4-hour chart hint at the possibility of a price correction in the short term.
Technical Overview
AGLD has managed to surpass two resistance levels and turn them into support. The first barrier was overcome at $0.610, and the cryptocurrency’s positive momentum pushed its value above $0.725. With strong support from bulls, AGLD may soon break above the $0.850 mark in the coming days. As long as its price remains above $0.725, this bullish scenario could lead to a climb towards $0.995 in the short term.
However, traders might consider taking profit in the next 24-48 hours, which could introduce selling pressure and potentially cause AGLD to lose support at $0.725. In such a case, there is a risk of retesting the $0.610 support level if selling volume becomes overwhelming for bulls.
In spite of the potential for a price correction, medium-term momentum seems to favor buyers as indicated by the crossing of the 20-day Exponential Moving Average (EMA) line above the 50-day EMA line. AGLD has recorded stronger positive momentum over the past 20 days than in the past 50 days, further supporting this positive trend.
Contradicting Indicators
While technical indicators on AGLD’s daily chart suggest a potential rise in price, the 4-hour chart indicates the possibility of a short-term correction. This contradiction highlights the need for caution and careful analysis when making trading decisions.
Hot Take: Adventure Gold (AGLD) Shows Promising Signs of Growth
The recent surge in the price of Adventure Gold (AGLD) and its ability to surpass resistance levels indicate a positive trend for this altcoin. With strong support from bulls and favorable technical indicators, AGLD may continue its climb towards higher price levels in the short term. However, it is important to consider potential selling pressure and the risk of a price correction. Traders should closely monitor these factors and exercise caution when making investment decisions.
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