Insights Analysis Adventure Gold – Bullish Through and Through

Adventure Gold – Bullish Through and Through

July 7, 2023 Analysis
BITmarkets | Adventure Gold – Bullish Through and Through

Our analyst team at BITmarkets is dedicated to deliver reports and insights which adhere to the highest quality standards. This implies that our researchers and analysts incorporate multiple tools in order to present a clearer picture of the current market condition surrounding a digital asset.

This analysis will focus on the recent price movements of Adventure Gold (AGLD) and will incorporate the sentiment of retail traders; sentiment is a major influencer to the prices of assets, especially within the volatile crypto market. The weekly and daily time frames of AGLD showcase that the token’s price is forming equal highs around the $0.7 level, which effectively creates an imaginary resistance zone.

AGLD1.1

AGLD/USDT - Weekly Time Frame

The current price-tag can be tempting for traders to sell. Our analytical insights project a bullish move above the $0.7 level. Given the current liquidity of AGLD, a buy position confined to a stop loss order may be the smartest move, and this can be backed up when exploring the price movements on narrower time frames.

AGLD2.1

AGLD/USDT – 4 Hour Time Frame

The four-hour time frame has been in bullish structures for a while, which may as well support the beforementioned statement. Yet, the micro market of AGLD will need to meet a few criteria before the picture becomes clearer.

First, the formation of a bearish correction is only natural after such price movement behaviour, and this should increase the volume of the sell orders. The second condition is that this correction should come to fruition with a corrective/slow price flow, meaning that there should not be an impulsive decline which’ll witness AGLD to drop below the higher low of $0.454, as that may indicate of resurgence of sellers’ strength.

There are several levels in play, called areas of interest (AoI), where the correction can potentially stall. Our team utilized the Fibonacci retracement tool to determine these zones. 0.5 corresponds to the daily imbalance zone, 0.382 to the previous point of the structure and 0.214 points to the daily imbalance zone too.

Should the two conditions mentioned become fulfilled, AGLD may be at a very attractive level for buyers to dive in. Adventure Gold is bullish through & through, as long as the project behind the tokens continues to attract attention and the wider crypto market demand remains robust.

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