In the past days, popular altcoin projects SXP and ICX have experienced a 2-3 times increase with the South Korean effect. Now, according to experts, one more cryptocurrency could rise as a result of a “narrative” based on South Korea. Here are the details…
Attention is drawn to this altcoin project with the South Korean narrative
Aergo (AERGO) price has formed a higher bottom and is very close to a potential breakout. If successful, it can increase by at least 100 percent from the current level. cryptocoin.com As we have also reported, the 2-3x increase in SXP and ICX prices in the last 7 days has created a wave of Korean narrative FOMO (fear of missing out). AERGO, a project that is seen as a rival to ICX, according to some experts, can benefit from this wave.
Aergo (AERGO) price has been trading in the range of $0.09 to $0.5 since February 2021. According to analyst “David,” the price has tested both the resistance and support of the range multiple times so far. After leaping the support of the range in January 2023, this token retested the long-term resistance zone at $0.17. Despite being rejected, it created a higher low at $0.11, the previous resistance zone. According to the analyst, this is a bullish sign indicating strong buying pressure at a lower level.
Since then, AERGO price has risen and is now once again approaching the long-term resistance zone. The RSI indicator supports the possibility of a breakout by creating a bullish divergence before the entire upward move and staying above 50. Therefore, AERGO price could climb above the $0.17 resistance zone and reach the middle of the range; It could rally to $0.3 and mark a 100 percent increase at the current level.
What do the graphs indicate?
The volume indicator on the daily chart has been showing many large volume candles since November 2022. However, candles formed on days of large volume bars all have long wicks on them, indicating an anomaly as the large trading volume is not confirmed by the increasing range of the price. This did not happen in yesterday’s trading session, when the large trading volume was confirmed by a bullish engulfing candle. According to the analyst, this indicates that the bull has taken control of the price action.
Also, the analyst expects AERGO price to climb above the $0.17 resistance zone in the coming days. The most likely expectation is for AERGO price to climb above the $0.17 resistance area and rally to the middle of the $0.3 range. This view will be invalidated if the price drops below the support zone at $0.11. In conclusion, it’s worth noting that these are analyst views only. As we always emphasize, every investor should invest according to his own research.
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