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The Black Agnus price has skyrocketed by 401% in the last 24 hours to trade at $0.002762 as of 3:25 a.m. EST on a 1,981% explosion of trading volume to $124 million.
Black Agnus Price Rebounds On Support Level Within The Bearish Channel
The FTW/USD trading pair shows a descending channel pattern, where the price has been trending downward. This bearish formation is marked by a support line below and a resistance line above, capturing the consistent lower highs and lower lows.
The price has broken out of this descending channel, which is a bullish signal indicating a potential reversal of the previous downtrend. Post-breakout, the price appears to be targeting the 200-period simple moving average (SMA) at 0.00000269, which acts as a key resistance level and a potential target for short-term gains.
FTWUSD Analysis Source: Dextools.io
Meanwhile the 50-period SMA (light blue) remains below the 200-period MA (green), which reflects the bearish sentiment prior to the breakout. However, the price is now approaching the 50-period MA, and if it manages to surpass this level, it could indicate a continued bullish rally towards the 200-period MA. This would signify a possible shift in the overall trend from bearish to bullish.
Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, where the MACD line (blue) is above the signal line (orange) and approaching the neutral level, confirming growing upward momentum. The increasing green histogram bars further support this view, indicating that the Black Agnus price momentum is shifting in favor of the bulls.
The Relative Strength Index(RSI) is currently trading at 51.97, in the neutral zone but slightly leaning towards the bullish side. This indicates that the asset is neither overbought nor oversold, providing the opportunity for the bulls to catapult the Black Agnus price upward.
Black Agnus Price Could Break Above The Bearish Channel
The price recently found support around 0.00001770, from which it bounced upward. The immediate resistance lies at the 50-period MA at 0.0000185, with the 200-period MA at 0.0000269 acting as the next major resistance level. If the price can clear these levels, it could lead to a more sustained bullish rally.
The risk-to-reward ratio appears favorable following the breakout. Traders who entered at the breakout point could target the 200-period MA for potential profits, while keeping stop-loss levels slightly below the recent support at 0.00001770.
The combination of the bullish MACD, neutral RSI, and the breakout from the descending channel all suggest that the market could see further upside, provided the price can hold above the 50-period MA.
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