🔎 #AGIX Analysis

The price of the coin presumably formed all possible five waves of the Elliott📈 Theory upward cycle. The price began to shrink from the $0.25 support level. Volumes appeared and the first wave of the upward cycle was formed. The wave reached the maximum level of $0.43 and went to a short correction of wave II. It slightly went below the $0.5 level to $0.47 and maintained its upward structure. The $0.5 level has acted as resistance since March 2023.
The third wave of the cycle developed on large volumes. It met local resistance and ended at $0.8653. The correction of wave IV did not disrupt the upward structure of the cycle, as it ended above the high of wave I. I would like to note that sales volumes have already begun to appear here. Traders partially fixed positions. Now the price is presumably completing wave V, at the peak it reached $1.2575. Volumes continued to decline, which is a sign of the end of the cycle.
On the local timeframe, there are signs of the end of the cycle in more detail. In the middle of the fifth wave, the price issued a long squeeze on the BTC strait. But it quickly recovered and returned above the $0.875 level with an engulfing candlestick and continued to grow. Now there is a bearish price action at $1.17 in the form of inverted hammer patterns and several dodges.
A divergence has been formed in the MACD. Unloading may begin in the near future with working out the direction according to the patterns. It is possible that the indicator will form a bearish crossover if the price continues to decline. The ADX indicator indicates a slowdown in the bullish trend. The bullish moving average crossed the trend moving average from top to bottom. On this timeframe, there is also a noticeable decrease in buy volumes and an increase in sell volumes.
Both timeframes correlate with each other and confirm the imminent end of the upward cycle. There is still a possibility of another attempt to overcome the $1.17 level, but most likely it will be a📉 bull trap. Judging by the Fibonacci trend extension levels and technical indicators, the wave has reached its maximum values.
According to the combination of signs, the coin is overheated. After a 4-fold increase in price, it would be logical to see a pullback from the current values. Most technical indicators point to the local strength of the seller, which may trigger a correction in the near future.