Adventure Gold Digs Up a 13% Increase, but Bitcoin Minetrix Might be the Next Treasure Trove

On Oct 23, 2023

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The price of Adventure Gold (AGLD) jumped more than 13% over the past 24 hours. According to CoinMarketCap, the altcoin was trading hands at $0.7992 at press time after it achieved a gain of 14%.

Technical indicators on the cryptocurrency’s daily chart also suggested that its price may continue to rise in the next 24-48 hours. This was in contrast to indicators on AGLD’s 4-hour chart, which hinted at the possibility of a price correction in the short term.

Technical Overview

Daily chart for AGLD/USDT (Source: TradingView)

During the past 3 days, AGLD could flip 2 resistance levels into support. The first level that was overcome by the altcoin was the $0.610 barrier. The cryptocurrency’s positive momentum continued to propel AGLD’s value above $0.725.

The cryptocurrency seems to have strong support from bulls and may soon break above the $0.850 mark in the coming days. This bullish thesis will remain in play for as long as AGLD’s price remains above the recently breached $0.725 price point. In this bullish scenario, the altcoin may rise above the $0.850 barrier – allowing AGLD’s price to establish the foundation needed to continue climbing toward $0.995 in the short term.

Traders may, however, look to take profit in the next 24-48 hours. This could introduce some selling pressure into AGLD’s charts. As a result, the cryptocurrency’s value could lose the support of the $0.725 mark. Thereafter, the altcoin will be at risk of retesting the $0.610 support level if the potential sell volume proves too overwhelming for bulls.

Despite the potential for an AGLD price correction looming, medium-term momentum seems to have shifted in favor of buyers. The strong price movement over the past 3 days resulted in the 20-day Exponential Moving Average (EMA) line crossing above the 50-day EMA line. This was after AGLD recorded stronger positive momentum over the past 20 days than in the past 50 days.

Moreover, the shorter EMA line broke away above the 50-day EMA line. This suggests that AGLD’s positive momentum is growing strong. As a result, the altcoin’s price may continue to climb in the next few days.

Contradicting Indicators

4-hour chart for AGLD/USDT (Source: TradingView)

Technical indicators on AGLD’s 4-hour chart suggested that bulls were slowly losing strength. Consequently, it may only be a matter of time before the cryptocurrency’s price retraces to the $0.725 support level.

The first technical indicator that supported this bearish thesis was the Relative Strength Index (RSI) indicator. At press time, data from TradingView indicated that AGLD was in extremely overbought territory in the 4-hour timeframe. The RSI line also closed in on the RSI Simple Moving Average (SMA) line. Should these two lines cross, it could confirm that short-term strength has shifted in favor of sellers.

Along with the bearishness expressed by the RSI indicator, the Moving Average Convergence Divergence (MACD) indicator also suggested a bearish reversal may soon occur. More specifically, the gradient of the MACD Histogram has shifted negatively throughout the past 12 hours. This may indicate that AGLD’s positive trend coming to an end.

While investors and traders seem to be taking profit on their AGLD positions, Bitcoin Minetrix (BTCMTX) is going from strength to strength as the next phase of its presale kicks off.

The Next Phase

Bitcoin Minetrix officially launched phase 3 of its token presale earlier today. As a result, the price of the project’s native token, BTCMTX, was also increased from $0.0111 per token to $0.0112. Anyone purchasing BTCMTX can do so through Bitcoin Minetrix’s official website. The tokens can be purchased with Tether (USDT), Ether (ETH), or bank card.

#BitcoinMinetrix is now in Stage 3! 🔥 pic.twitter.com/Od4Syqx7EA
— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

Breaking Through Milestones

Earlier today, Bitcoin Minetrix revealed on their X page that their presale surpassed the $2 million milestone. This is just 3 days after the project surpassed the $1.8 million mark. Anyone looking to purchase BTCMTX must act quickly, as the presale’s next phase will take place in less than 5 days. This new phase will result in another price increase.

Announcement! 📢#BitcoinMinetrix has achieved a monumental milestone, surpassing $2,000,000 raised!
We are now also less than 40 minutes away from the start of Stage 3! 🪙 pic.twitter.com/iZENKYsxcd
— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

There is also the possibility that this latest presale phase will end before the indicated deadline. At press time, Bitcoin Minetrix was less than $1 million away from reaching its target for this round.

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