The ai16z price surged by 18% in the past 24 hours, trading at $1.26 per coin, and the trading volume increased by 35% to $650 million.
ai16z price rebounds from double bottom pattern
Price action for the AI16Z/USDT trading pair on the 4-hour timeframe highlights several key technical patterns and indicators. Initially, the price showed a double top pattern in the $2.5 to $2.6 area, which is a classic bearish reversal signal. This pattern formed after a sharp rise in price, which saw a sharp rise in price, creating unsustainable upward momentum.
The price started to reverse downwards after failing to break higher and broke the neckline support around $ 1.9. The breakout of this level confirmed the bearish trend, resulting in a sharp sell-off.
As the decline progressed, the price found a significant area of support at the key support zone of $1.15 to $1.2, forming a double bottom pattern. This pattern is usually a signal of a bullish reversal, indicating that sellers lost momentum at this key level and buyers stepped into the market.
AI16ZUSD analysis source: Tradingview
The ai16Z price is now attempting to recover. However, it remains below the 50-period and 200-period simple moving averages (SMAs), with the 200-period SMA acting as an immediate resistance near $1.5. A clear break above $1.5 could pave the way for further gains, while failure to stay above $1.15 could lead to renewed bearish pressure.
The RSI (Relative Strength Index) is currently at 48.69, recovering steadily from the oversold levels of 33.43. This gradual improvement supports the possibility of a bullish reversal. However, the RSI needs to remain above the 50 level for a stronger confirmation of upside momentum.
Traders should closely monitor the key resistance levels at $1.5, $1.9, and the $2.5-2.6 zone as these could pose important barriers to further recovery.
Conversely, the $1.15 support area remains crucial and any break below this level might invalidate the bullish outlook.
The price is showing signs of a bullish reversal but is facing important resistance and needs further validation to sustain the uptrend.
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Who will sign up for the slap game? pic.twitter.com/T9vzrhZL4U
— Catslap (@CatSlapToken) January 12, 2025
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— Best Wallet (@BestWalletHQ) November 21, 2024
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