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Adventure Gold price prediction is bullish as it trades at $0.8138. As AGLD trades in a third straight daily trading session, it is up more than 10% on the day and has rallied approximately 33% over the past week.
According to data from CoinMarketCap, the token’s 24-hour trading volume has jumped 180% to $32.75 million. As a result of this growing trading activity, SPX6900 ranks as the top gainer in the market today, according to Coingecko.
Top crypto gainers today
This follows a strong rally initiated on Sept. 2, causing the token to reclaim key support levels. If the current bullish recovery is sustained, technical indicators and a highly bullish technical formation point to a massive move for AGLD.
Adventure Gold Price Technical Analysis
Adventure Gold price dropped approximately 43% from a high of $0.7744 to a swing low of around $0.4465. This was followed by a steady rise to the current level of around $0.81.
This price action has painted a rounded bottom pattern on the daily chart, as shown below. This pattern is formed when an asset initially drops toward a low, indicating an excess supply even as volume decreases.
A reversal to an upward trend occurs when bulls regroup at lower levels, buying more at a discount. This increases demand for the asset, which in turn causes the price to grow. Once the rounding bottom is complete, the asset breaks out to start a massive move upward.
In this case, the price of Adventure Gold is attempting to break out from the rounding bottom chart pattern at the time of writing on Thursday. This will be confirmed once the token produces a daily candlestick close above the technical pattern’s neckline at $0.80
This sets AGLD on the path to a 41% increase to reach the bullish target of the prevailing chart pattern around $1.14.
AGLD/USD Daily Chart
Apart from the significantly bullish chart pattern, the Direction Movement Index (DMI) showed that the buyer’s grip on AGLD was substantial. The positive directional line (+D1) at 41 was way above the negative directional (-D1) line at 6.3. The Average Direction line (ADX) was at 51, suggesting the uptrend was very strong.
The relative Strength Index (RSI) was also positioned in the positive region. The price strength at 74 indicated that the buyers were in complete control of the price, adding credence to Adventure Gold’s positive outlook.
Moreover, the AGLD price traded above all the major moving averages, providing vital support on the downside. These areas were defined by the 50-day Simple Moving Average (SMA) at $0.5696, the 100-day SMA at $0.615, and the 200-day SMA at $0.530 region.
Conversely, the RSI showed that AGLD was overbought. As such, the upward recovery could soon run out of steam as buyer exhaustion kicks in. This implied that the ongoing price rise could grind to a halt, causing a sudden bearish correction.
Therefore, a daily candlestick close below $0.80 would invalidate the recovery efforts and initiate a fresh sell-off toward the $0.70 psychological level, or the $0.53 to $0.61 demand zone, where all the SMAs are found.
AGLD Alternatives
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