Agrello is making smart contracts legally binding. This will be done by getting the interested counterparties to fill simple forms which will be converted into smart contracts by the AI bot developed by Agrello. This smart contract will be brought under the legal ambit by a legal document, generated by an AI bot, and will be signed digitally by the counterparties.
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They have already conducted their ICO and their token, DLT is listed on various exchanges such as Binance, HitBTC, YoBit, EtherDelta, Mercatox, Right BTC, etc for trading.
This technical analysis is based on the charts sourced from Binance on date 25th of January.
The chart plots the Elliott wave against the price movements. Elliott wave traders believe in crowd psychology. It entails that market prices are influenced by crowd investor psychology. Therefore, there exists a natural repeating cycle of optimism and pessimism.
Therefore, the Elliott wave is a wave of alternating upward and downward trending line as can be seen by the Yellow line in the chart above. In the chart (1) represents the upward peak of the first wave, which is upward trending. (2) represents the downward peak of the second wave. Similarly (3) represents the peak of the upward trend as it picks up momentum in a reversal of the downward trend.
While the first appreciating wave has ended, the second corrective wave has also ended rather prematurely. This brings us to the third Elliot wave which is appreciative. The third Elliott wave is important as it is generally the longest wave in cryptocurrencies.
The chart shows that the value of the token will test the range of $2.615-$2.623 in the mid-term. This is a value rise of over 150% in a market where other altcoin cryptocurrencies are falling.
Another point to note in the above chart is the drop in volume in the part corresponding to the second (downward) trending Elliott wave. It is clearly visible that the volume of trading was much higher in the upward trend than the downward trend. This indicates that the fall in prices did not cause a large number of investors dumping their holdings. The belief in the token by a vast majority of investors indicate that the general belief about the token in the market is positive.
Another observation on the chart of the same period is regarding the Moving Average Convergence Divergence (MACD). The MACD is categorized as an indicator. It is comprised of two exponential moving averages that help measure momentum in a cryptocurrency.
The MACD compares short-term momentum and long-term momentum in a cryptocurrency market to signal the current direction of momentum rather than the direction of the price.
In the above chart, the blue line is the long-term (26 days) exponential moving average (EMA) while the pink line is the short-term (12 days) EMA. MACD is the difference between the 26 day EMA and the 12 day EMA. In the above chart, the blue line is the MACD line which is the difference between the 26 day EMA and the 12 day EMA, while the pink line is the 9 day EMA of the MACD line (Signal line). Any difference greater than zero indicates a bullish scenario and must be used to buy into the trend.
From the Agrello chart, the MACD line is bullish well above the zero levels and is trending upwards after trending sideways. This is a positive trend as it indicates rising momentum at current price levels.
Based on the above two trends, it is pretty clear that the DLT token has completed its consolidation phase very quickly and has started showing signs of moving upwards.
Since cryptocurrencies are niche trading products, it has also been seen price movements are driven strongly by alpha components. We suggest keeping a keen eye on the movement in prices of BTC, LTC, ETH, and BCH for correlative price fluctuations.
In sum, the DLT token is backed by technical analysis of the charts, as well as being backed by a game-changing product that will simplify the process of creating smart contracts to the point that any two people from the general public can draw up smart contracts without even knowing how to write a single line of code. Both these points, coinciding with the resurgence of the cryptocurrencies post the corrective phase that occurred in December 2017 marks the arrival of good things for cryptocurrencies in general and the DLT token in particular, just around the corner.
Disclaimer: The author of this article is neither an investor in Agrello nor is an interested party. The author is a crypto-enthusiast who recommends investing only after complete due diligence.