The price of AIOZ Network [AIOZ] has surged by 21.75% in the last 24 hours, reducing its monthly loss to 7.86%. The market cap has also increased by 21.77% during the same period, reaching $1.22 billion.
With the bullish momentum still strong, AIOZ seems ready for further substantial growth.
Significant Momentum Building in AIOZ
AIOZ has garnered notable market attention in the past 24 hours, as key metrics indicate a growing bullish sentiment.
The Open Interest in derivatives has surged by 27.47% to $9.35 million, reflecting increased trading activity. The spike in volume and price in tandem signifies positive market sentiment.
Trading volume for AIOZ has soared by 445.98%—a quadruple increase—to $18.01 million, aligning with significant price upswings.
Furthermore, the Funding Rate, a crucial market positioning indicator, has risen to 0.0282%, as per Coinglass, indicating a sustained bullish interest. If market activity continues to rise, the Funding Rate could climb higher.
Bullish Flag Signals Potential Rally to $1.8 for AIOZ
The recent gains of AIOZ originated from breaking out of a consolidation phase within a bullish flag pattern.
Typically, consolidation phases involve buyers accumulating the asset during price downturns within a narrow range, preparing the ground for a breakout.
Analysis of price ranges for AIOZ indicated the asset’s potential for a 107.80% return, with a target closing in on $1.84.
Since starting its upward trajectory, AIOZ has firmly held onto the bullish territory, backed by technical indicators, suggesting the rally is gaining momentum.
Scope for Further Upswing
The Relative Strength Index (RSI) remains firmly bullish at 59.87, comfortably above the neutral 50 level.
An RSI above 50 implies strong momentum powering the ongoing price surge, indicating a preference for further growth.
Additionally, the Aroon indicator reinforces this positive outlook, with the Aroon-Up at 92.86% and the Aroon-Down at 57.14%.
When the Aroon-Up significantly surpasses the Aroon-Down, it signifies a strengthening bullish trend with potential for more upside movement.
These metrics collectively suggest that AIOZ may witness considerable gains in the upcoming trading sessions.