In a recent episode of Cheeky Crypto Uncensored, host JB delves into the intricacies of SingularityNET’s (AGX) price movements, analyzing charts across various timeframes to decipher potential market trends.
1-Hour Chart Analysis: ABC Pattern and Short-Term Drop
AGX has been exhibiting an ABC pattern to the downside, with a target area of 16.126 cents to 15.634 cents. Currently trading below equilibrium, AGX has faced rejection from the 50 EMA on the 1-hour chart. The potential to fill out internal buy order blocks suggests a short-term drop before a possible upward push.
Wave Analysis: Five-Wave Move and Anticipated Fifth Wave Push
JB believes AGX is in a five-wave move, currently in wave four. Anticipating a push down in the fifth wave, the price may drop to the target area of 15.634 cents. Stochastic indicators are fluctuating due to the weekend, and a correction is expected on the 4-hour chart.
1-Day Chart Analysis: Corrective Structure and Long-Term Bullish Outlook
Technical analysis suggests AGX is still in a corrective structure, targeting a move to 15.3 cents to 4.794 cents. A relief rally is possible before further downward movement, but JB maintains bullish confidence for the long term.
Wave Structure: WX YX and Zed Structure
JB identifies a WX YX and Zed structure, targeting 21.6181 cents to 12.72 cents. There’s a low probability of a move to $92 to $158.
Weekly Chart Analysis: Explosive Upside Move and Bullish Future Outlook
Reflecting on an explosive move to the upside, AGX could potentially drop to 16.7 cents to 9.8 cents. Support and resistance areas are highlighted, and a dollar-cost averaging strategy is suggested for AGX. Despite short-term corrections, JB maintains a bullish outlook for AGX’s future, with a potential move to $225 to $456.
Conclusion: Trading Safely and Tight Stop-Loss Orders
The episode concludes with a reminder to trade safely and maintain tight stop-loss orders. Viewers are encouraged to like, subscribe, and comment for further discussions on AGX and other cryptocurrencies.