On April 3rd, AERGO hit a historic low of $0.04746—and just 13 days later, it's trading around $0.60, an astonishing +1500% surge in less than two weeks. The rapid rise begs the question: What are the bulls aiming for next, and how sustainable is this move?
Key Observations:
Explosive Rally:
AERGO’s meteoric move from $0.04746 to $0.70 in just 13 days has propelled the coin into uncharted territory. Such a dramatic spike is not only eye-catching but also raises concerns about overextension.
RSI Overbought:
The daily RSI sits at 98, indicating extreme overbought conditions. This level suggests that the current rally is unsustainable and may be ripe for a pullback.
Historical Resistance Levels:
Looking back at 2021, key highs were established around $0.60 to $0.62. These levels serve as critical resistance zones.
Fibonacci Confluence:
Taking the Fibonacci retracement from the low at $0.04746 to the previous rally's high at $1.0809 (April 13, 2024), the 0.618 level is projected at $0.68613. The bulls just tested that golden pocket.
Trade Strategy & Potential Setups:
For Longs:
With the market showing signs of being overbought (RSI at 98) and the explosive move possibly winding down, this may be the perfect opportunity to take profits rather than accumulate further.
Take Profit Consideration:
For Shorts:
The Big Question:
Will AERGO drop as sharply as it surged? Given the extreme overbought conditions and the rapid, unsustainable spike, a healthy—and perhaps brutal—correction seems very possible. Keep a close eye on volume and price action near the $0.60–$0.70 resistance zone and be ready to adjust positions accordingly.
Anyone riding this wave has experienced one of the wildest moves in recent memory. For those in long positions, consider taking profits now; for potential short traders, watch those key levels tightly. The market's rhythm will soon reveal its next chapter.
Key Observations:
Explosive Rally:
AERGO’s meteoric move from $0.04746 to $0.70 in just 13 days has propelled the coin into uncharted territory. Such a dramatic spike is not only eye-catching but also raises concerns about overextension.
RSI Overbought:
The daily RSI sits at 98, indicating extreme overbought conditions. This level suggests that the current rally is unsustainable and may be ripe for a pullback.
Historical Resistance Levels:
Looking back at 2021, key highs were established around $0.60 to $0.62. These levels serve as critical resistance zones.
Fibonacci Confluence:
Taking the Fibonacci retracement from the low at $0.04746 to the previous rally's high at $1.0809 (April 13, 2024), the 0.618 level is projected at $0.68613. The bulls just tested that golden pocket.
Trade Strategy & Potential Setups:
For Longs:
With the market showing signs of being overbought (RSI at 98) and the explosive move possibly winding down, this may be the perfect opportunity to take profits rather than accumulate further.
Take Profit Consideration:
- Target: Near the 0.618 fib retracement at $0.68613.
- Observation: If bulls push beyond this level, the move might extend — however, the risk of a sharp pullback is high given current overbought conditions.
For Shorts:
- A corrective move is very much on the table, and traders looking to short should focus on the key resistance zone between $0.60 and $0.70.
Short Setup: - Entry: Look to initiate shorts near the $0.60–$0.70 zone.
- Target: $0.4 and $0.2 as take profit targets
The Big Question:
Will AERGO drop as sharply as it surged? Given the extreme overbought conditions and the rapid, unsustainable spike, a healthy—and perhaps brutal—correction seems very possible. Keep a close eye on volume and price action near the $0.60–$0.70 resistance zone and be ready to adjust positions accordingly.
Anyone riding this wave has experienced one of the wildest moves in recent memory. For those in long positions, consider taking profits now; for potential short traders, watch those key levels tightly. The market's rhythm will soon reveal its next chapter.
🏆 Mastering Fibonacci for precision trading
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🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🏆 Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
🔹 Sharing high-probability trade setups
⚡ Unlock the power of technical analysis!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.