$AGLD / USDT Analysis: Prediction Fulfilled!
Current Price: $2.78 (+9.23%)
In our previous analysis of the AGLD/USDT pair, we identified a key resistance zone near $2.98, where we anticipated a strong selling pressure. This prediction has been fulfilled as the price hit the supply zone before reversing downward. Here’s a breakdown of the price action and the key takeaways from this market movement:
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Recap of Previous Analysis
1. Supply Zone Identified:
A critical supply zone was identified between $2.90 and $2.98, based on historical price levels and volume analysis. This area was expected to act as resistance, where selling pressure would likely emerge.
2. Price Action:
The price surged towards the supply zone as predicted, with buying momentum pushing the price higher. However, as expected, the resistance proved too strong to maintain the upward movement.
3. Rejection and Drop:
After touching the supply zone, AGLD/USDT experienced a sharp rejection, resulting in a 10.08% price drop, which confirmed the presence of aggressive selling pressure at this level.
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Key Zones
Supply Zone: $2.90 - $2.98
Resistance Zone: $2.50 - $2.60
The price respected these zones perfectly, illustrating the accuracy of our analysis.
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Market Outlook
Short-term Outlook:
The recent price drop suggests a bearish reversal. If selling pressure continues, AGLD/USDT may test lower support levels around $2.50 or even $2.00 in the near term.
Long-term Outlook:
A breakout above the supply zone ($2.98) would invalidate the bearish scenario, but this would require significant buying volume and a shift in overall market sentiment.
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Trading Lesson
This price movement serves as a reminder of the importance of supply and demand zones in technical analysis. Trading at these key levels provides high-probability setups and allows for effective risk management strategies.
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Stay tuned for more detailed analysis and predictions. We encourage feedback
and would love to hear if you found this analysis valuable.
