AGIX Demand Zone, Falling Wedge ReversalAGIX was traded in a falling wedge since September 2021.
On 21st January price breakdown the lower trendline and find strong resistance between $0.13 and $0.11 – a high demand zone.
Panic selling caused by market uncertainty, Russia – Ukraine conflict, etc. is over and whole crypto market is seeming ‘pretty healthy’.
These in conjunction with the relatively low selling volume and the long shadow candlesticks give a higher probability for a bullish reversal than a bearish continuation.
The begging of the uptrend will be signaled with the breakout of the lower trendline; however, the confirmation will come with the price breaks the upper line and holds above the $0.175 resistance zone.
If you’re a conservative trader wait for the price to breaks the resistance at $0.175 and place your stops just below the upper trend line.
If you’re a more aggressive trader, now is the time to go long or wait the price to return in the demand zone.
I’ll keep my analysis updated to any significant changes.