15.5 C
July 24, 2024
BTC Hunts
Image default

This Low Cap Altcoin Is up by 149% in 2024; Analyst Says ‘Stack’ Before It Hits $1

The post This Low Cap Altcoin Is up by 149% in 2024; Analyst Says ‘Stack’ Before It Hits $1 appeared first on Coinpedia Fintech News

In a recent video, Cheeky Crypto, a cryptocurrency analyst, opened up about the remarkable performance of SingularityNET (AGIX), indicating a major upward movement of 149% since the beginning of the year. With this bullish momentum, Cheeky Crypto expressed confidence that AGIX may continue its upward trend without showing signs of slowing down. He also speculated if $1 is on the cards for the altcoin.

Analyzing the AGIX token paired with Tether (USDT) on the 4-hour C-curve chart, Cheeky Crypto pointed out a breakout from a key resistance level, suggesting a bullish trend. Despite a substantial retracement from the highs of 2023, which saw a decline of approximately 76%, AGIX experienced a noteworthy surge of 149% thereafter.

Cheeky Crypto outlined a potential cup and handle formation in the chart, indicating a bullish continuation pattern. Although the handle retraced more than 50%, the breakout remained intact, signaling a potential target range around the 61.8% Fibonacci extension level.

Further analysis revealed that AGIX was approaching a critical resistance zone between 55 and 66 cents, where previous rejections occurred. However, Cheeky Crypto anticipated a temporary pullback before a breakout above this resistance, leading to new all-time highs and  returns for AGIX investors.

Additionally, on the daily timeframe, Cheeky Crypto noted the possibility of an inverse head and shoulders pattern, suggesting further bullish momentum if AGIX manages to break into new all-time highs.

While talking about the potential for retracement and consolidation, Cheeky Crypto pointed out the key support level between 35 and 37 cents, derived from previous price action. This area, once resistance turned support, could serve as a crucial zone for AGIX’s future price movements.

The analyst expressed optimism about AGIX’s bullish outlook, expecting further upside potential despite possible short-term corrections. At the time of writing, the coin is down by more than six percent.

Related posts

XLM Price Analysis: Retest Phase Warns Bearish Turn In Stellar Price Trend!

David Bradley

Crypto Market Analysis: This is How Markets May Trade During the Weekend!

David Bradley

Solana Inches Towards $200: Will the Bulls Manage to Keep Up the Rally & Reach $250 in April 2024?

David Bradley