- AI16Z’s bullish momentum took a tumble over the past week
- Despite recent losses, it presents a delightful buying opportunity for swing traders, with potential gains of 18%-45% in the coming days
At the time of writing, ai16z [AI16Z] had shed 4.2% of its value over the last 24 hours, with the daily trading volume down by 43% too. The bullish structure it reclaimed a week ago was quickly surrendered to the bears as the price sank to the range lows once again.
In fact, the AI agent token was down 15.7% over the past week – The worst-performing token among the top 5 in the AI agents category on CoinMarketCap. Despite the bearishness in recent days, however, it seemed to present a buy opportunity for its traders.
ai16z: A “buy now”- Here’s why
The break of the former lower high at $1.1 (white) on 21 January was a bullish market structure break. However, the token was not able to advance much further. It can be anticipated that it would retest the 61.8% and 78.6% retracement levels at $1.29 and $1.44, respectively.
These levels were plotted based on the downward move the altcoin completed earlier this month. Instead of testing these levels, AI16Z faced rejection at the local high at $1.23 and slumped to the $0.8 support level once again.
This formed a range, and that is why AI16Z gives a buy signal now. Swing traders can buy at market prices with a stop loss below the range, or below $0.726 to be more cautious, and take profits at the mid-range level at $1 and the range high at $1.24.
The OBV was not trending higher either, which suggested that the AI agent token was not ready for a move to the range highs and beyond. Meanwhile, the RSI on the 4-hour chart was still below neutral 50 to signal that bearish momentum was prevalent.
Realistic or not, here’s AI16Z’s market cap in BTC‘s terms
Finally, the Open Interest climbed by 3.4% over the last 24 hours, with most of that coming in recent hours when AI16Z bounced from its local lows. Despite the bounce, however, the spot CVD remained stagnant.
Like the OBV, the spot CVD also reflected a lack of intense demand, but on the lower timeframes.
Read More
- EigenLayer restaking protocol’s slashing testnet now live
- Grantchester season 9 cast: Meet the characters in ITV drama
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- GBP EUR PREDICTION
- CRV PREDICTION. CRV cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
- CNY JPY PREDICTION
- Creature Commandos: Did James Gunn Reveal the DCU’s First Big Baddie?
- Mega Man’s Best Show Is Finally Taking Over Japan
- RUMOR: Peter Capaldi to Appear in Harry Potter Series After Snape Casting Backlash
2025-01-25 23:05