Key Takeaways
- AB reached a new all-time high price in March.
- The price has increased at a rapid rate this year.
- How long will the AB price increase continue?
AB was previously known as Newton but migrated to AB on Feb. 8. Two major centralized exchanges, WEEX and Gate.io, listed it in April. The latter also made a trading competition and an airdrop for holders of the exchange’s native token, GT.
Then, last week, the DAO launched the AB charity foundation , aiming to redefine philanthropy through transparent, verifiable, and sustainable charitable funding.
These positive developments have spurred the price to a new all-time high.
New AB All-Time High
The AB price has increased rapidly since January, reaching its first all-time high of $0.015 on Jan. 27.
The upward movement has become more gradual since then, creating an ascending parallel channel.
You’ll Want To See This
AB reached the channel’s resistance trend line (black circle) in March and fell, reaching a low of $0.006.
However, the AB price bounced, creating a long lower wick (green icon) and returning inside the channel.
Even though these channels usually contain corrective movements, preventing the breakdown is a positive sign that bodes well for the future.
Nevertheless, technical indicators do not give any bullish signs. Instead, they are mostly neutral.
The Relative Strength Index (RSI) is at 50 while the Moving Average Convergence/Divergence (MACD) is below 0, though trending upward.
So, the daily time frame is insufficient for predicting the direction of the future trend.
What’s Next For AB?
The long-term AB wave count suggests the price will eventually reach another high.
According to the count, AB is in wave four of a five-wave upward movement (green).
However, wave three is unusually elongated, so it is unclear if wave four is over or may continue.
If AB closes below $0.010, it could fall to the next support at $0.004 and complete wave four.
Then, wave five will likely take the price to a new all-time high.
So, while the AB price may fall in the short term if it breaks down from the channel, another upward movement is likely in 2025.
Unclear Trend Ahead
The AB price has rallied significantly this year, reaching a new all-time high in March.
While the wave count suggests another high is likely, it is unclear if the AB price will fall in the short term.
Whether AB breaks down from its ascending parallel channel can help determine what happens next.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful?
