Potential for AIOZ to Attain New Highs
AIOZ has demonstrated significant strength in recent times, achieving an impressive price surge of 178.45% in just one month. Market indicators reflect strong activity, indicating a prevailing bullish sentiment.
In the last 24 hours, AIOZ has experienced an additional gain of 16.06%, further solidifying its robust performance.
As per CryptoCrypto’s assessment, while the current positive performance is notable, a minor pullback may precede a more substantial upward movement, potentially leading to a new peak.
Potential Profit-Taking to Impact AIOZ Momentum
Some spot traders have started capitalizing on AIOZ profits following its remarkable market performance. The asset’s market capitalization has risen by 16.08% to $1.34 billion, with a $166.60 million increase in trading volume following a 71.13% surge according to CoinMarketCap.
Profit-taking involves traders selling some or all of their positions to lock in profits after a price increase. This behavior typically intensifies after a sharp rally, as observed with AIOZ.
An uptick in Exchange Netflow is one sign of profit-taking, where a notable amount of an asset is moved from wallets to exchanges in anticipation of sales. Currently, over $1 million worth of AIOZ has been transferred to exchanges within the last 24 hours.
Such actions, which elevate asset supply, often lead to price dips unless counteracted by rising demand. If this trend persists, AIOZ may test its next support level, according to CryptoCrypto.
AIOZ in Search of Lower Support Thresholds
Recent selling pressure could drive AIOZ down, prompting the asset to identify a support level where buying interest can gather before resuming its upward trajectory.
Utilizing Fibonacci retracement levels in AIOZ’s chart analysis suggests that the asset might descend to the 0.9472 region, where ample buy orders could stimulate a recovery.
Failure of this support level could result in AIOZ retracing 50% of its recent gains, potentially dropping further to the red Fibonacci line at 0.8297 before a probable upward shift.
Bouncing back from these levels could open the door for AIOZ to reach a new all-time high in the coming days.
Continued Strong Bullish Sentiment
Data from Coinglass suggests that Open Interest, which monitors outstanding derivative contracts in the market, is favoring long traders.
The rise in Open Interest in the past 24 hours by 13.07% to $9.41 million showcases this trend.
Concurrently, the number of long contracts is on the rise, with the Long-to-Short ratio presently at 1.0028. When this ratio remains above 1, it implies that long traders wield more influence, potentially propelling prices upwards.