AIOZ Network Price Soars 37% A Week Amid $1 Million Inflow
AIOZ Network Price Soars 37% A Week Amid $1 Million Inflow
The Open Interest data surged by nearly 50% to $1.92 Million a week suggesting an increased demand.
At the time of writing, AIOZ price was exchanging hands close to $0.66 recording an impressive positive gain of nearly 19% a day.
AIOZ Network price gained traction and made an impressive rise of nearly 19% in intraday today. The broader crypto market is on the rise after Donald Trump's recent positive saying about the cryptocurrencies.
Looking at the broader markets, Bitcoin has made a nearly 2% jump and has neared closer to 70K mark. Other top cryptocurrencies have noted a significant surge with Ethereum and Solana both rising over 3% intraday.
Moreover, Along with the optimism in the broader markets, the AIOZ Network price noted a strong support of the F&O traders as a significant development in the Open interest contracts was observed by the analysts.
Open Interest Contracts Grows By Over 50%
AIOZ Network is a decentralized platform for Web3 AI, storage, and streaming. It aims to create a faster, more secure, and decentralized future.
By leveraging a global network of decentralized physical infrastructure networks (DePINs), AIOZ incentivizes users to share their computational resources. It enables efficient storage, transcoding, and streaming of digital media content, as well as decentralized AI computation.
<iframe title="Santiment Chart: Total Open Interest in USD (AIOZ), Price (AIOZ)" width="800" height="425" src="embed.santiment.net/chart?ps=aioz-network&pt=AIOZ&df=2024-04-23T18:30:01.807Z&dt=2024-07-24T18:29:59.807Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Looking at the weekly performance, AIOZ Network price made an impressive gain of nearly 37%. The recent development in the price was largely driven by optimism in the broader market and positive development in the open interest contracts in the past one week.
The Open interest contracts have noted a surge of over 50% rising from $1.92 Million to $2.9 Million in a week. A significant jump in the OI contracts suggested a firm belief of the short term traders and investors leading to a significant rise in the price.
AIOZ Network Technical Analysis
The daily chart highlights the price suffering a correction since Mid March 2024. Despite rising over 37% a week, the AIOZ price lags by nearly 40% from its March high of $1.05.
As per the analysts the AIOZ price corrected forming a declining parallel channel pattern. However, the recent recovery initiated by the buyers may trigger a breakout and AIOZ may mark a bullish breakout soon.
On the higher side, the most recent hurdle may be the upper trendline resistance from where the price may suffer. Now, if the buyers are able to make a comeback and the price breaks above the $0.69 it would mark a bullish reversal and the price may resume higher.
On the contrary, any closing below the $0.5 level may invalidate any bullish scenario and the selling pressure may dominate the trend thereafter.
Can AIOZ Network Break Out Of A Correction?
AIOZ Network price surged 37% a week, driven by market optimism and a 50% rise in open interest contracts. Despite this, it remains 40% below its March high of $1.05. Analysts note a declining parallel channel pattern, with potential for a bullish breakout if the price surpasses $0.69.
However, any closing below $0.5 could lead to increased selling pressure. The recent price movements reflect short-term traders' and investors' confidence, influenced by broader market trends and positive sentiments towards cryptocurrencies.
The Open Interest data surged by nearly 50% to $1.92 Million a week suggesting an increased demand.
At the time of writing, AIOZ price was exchanging hands close to $0.66 recording an impressive positive gain of nearly 19% a day.
AIOZ Network price gained traction and made an impressive rise of nearly 19% in intraday today. The broader crypto market is on the rise after Donald Trump's recent positive saying about the cryptocurrencies.
Looking at the broader markets, Bitcoin has made a nearly 2% jump and has neared closer to 70K mark. Other top cryptocurrencies have noted a significant surge with Ethereum and Solana both rising over 3% intraday.
Moreover, Along with the optimism in the broader markets, the AIOZ Network price noted a strong support of the F&O traders as a significant development in the Open interest contracts was observed by the analysts.
Open Interest Contracts Grows By Over 50%
AIOZ Network is a decentralized platform for Web3 AI, storage, and streaming. It aims to create a faster, more secure, and decentralized future.
By leveraging a global network of decentralized physical infrastructure networks (DePINs), AIOZ incentivizes users to share their computational resources. It enables efficient storage, transcoding, and streaming of digital media content, as well as decentralized AI computation.
<iframe title="Santiment Chart: Total Open Interest in USD (AIOZ), Price (AIOZ)" width="800" height="425" src="embed.santiment.net/chart?ps=aioz-network&pt=AIOZ&df=2024-04-23T18:30:01.807Z&dt=2024-07-24T18:29:59.807Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Looking at the weekly performance, AIOZ Network price made an impressive gain of nearly 37%. The recent development in the price was largely driven by optimism in the broader market and positive development in the open interest contracts in the past one week.
The Open interest contracts have noted a surge of over 50% rising from $1.92 Million to $2.9 Million in a week. A significant jump in the OI contracts suggested a firm belief of the short term traders and investors leading to a significant rise in the price.
AIOZ Network Technical Analysis
The daily chart highlights the price suffering a correction since Mid March 2024. Despite rising over 37% a week, the AIOZ price lags by nearly 40% from its March high of $1.05.
As per the analysts the AIOZ price corrected forming a declining parallel channel pattern. However, the recent recovery initiated by the buyers may trigger a breakout and AIOZ may mark a bullish breakout soon.
On the higher side, the most recent hurdle may be the upper trendline resistance from where the price may suffer. Now, if the buyers are able to make a comeback and the price breaks above the $0.69 it would mark a bullish reversal and the price may resume higher.
On the contrary, any closing below the $0.5 level may invalidate any bullish scenario and the selling pressure may dominate the trend thereafter.
Can AIOZ Network Break Out Of A Correction?
AIOZ Network price surged 37% a week, driven by market optimism and a 50% rise in open interest contracts. Despite this, it remains 40% below its March high of $1.05. Analysts note a declining parallel channel pattern, with potential for a bullish breakout if the price surpasses $0.69.
However, any closing below $0.5 could lead to increased selling pressure. The recent price movements reflect short-term traders' and investors' confidence, influenced by broader market trends and positive sentiments towards cryptocurrencies.
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