Can AI16Z Price Recover After Heavy Sell-Offs?
One of the leading artificial intelligence agent cryptocurrencies AI16Z Its price has fallen 15% in the past 24 hours. The drop comes amid significant selling pressure on the cryptocurrency’s major holders.
As prices fall, investors wonder if a quick rebound is possible. This analysis evaluates opportunities using key metrics.
ai16z suffered huge profit-taking
three months ago, The AI16Z is priced at $0.0034. However, it has since grown 500% and has a market capitalization of over $2 billion. This significant growth may be related to rising Demand for tokens related to artificial intelligence agents Narrative.
However, after hitting $2.47 on January 2, the price did not post a double-digit decline. According to Lookonchain, the coin experienced this price drop because whales who had profited from the rise were selling off.
For example, a Whales for sale Yesterday, the 1.14 million AI16Z sold for $2.52 million. During the same period, another work sold for $2.49 million. However, things don’t end there. On-chain data shows that earlier today, another crypto whale gave up $4.77 million worth of tokens. If this trend continues, the price of AI16Z may drop below $2.
In addition, BeInCrypto observed that the attention AI16Z received brought its social dominance to 0.58%. However, as of this writing, the indicator has fallen to 0.40%.
Social dominance measures how much a cryptocurrency is discussed relative to other assets in the market. When it increases, it means the market is talking a lot about the asset, i.e. bullish. The current decline shows that attention is turning to other assets, which may signal further weakness in the price of AI16Z.
AI16Z Price Prediction: Token Trades Lower
From a technical perspective, Transaction volume around AI16Z Down, the daily chart shows increasing selling pressure. The decline in trading volume reinforces the bearish bias on the cryptocurrency.
Apart from this, AI16Z price is facing resistance at $2.39, indicating that bears may have the upper hand for now. If the bulls fail to help the coin break above this resistance, a long-term correction is likely.
If verified, the price of the AI agent AI16Z may drop to $1.73. On the other hand, if the bulls can successfully turn the resistance into supportthis may not happen. Instead, the coin’s value could jump to $3.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
