ai16z price has performed well in the past few months amid demand for Solana meme coins and AI agent-themed tokens. It recently jumped to a record high, turning it into one of the biggest cryptocurrencies. While the AI16Z token has pulled back a bit, the recent Bybit listing and the formation of a bullish pattern could push it to $3 in the near term.
ai16z Price Rises Modestly After Bybit Listing, Will Gains Continue?
ai16z coin price remained in a tight range, rising by 4%, on Monday even as Bitcoin flirted with $100,000 and after being listed by Bybit. It started trading on the second-biggest exchange on Monday, and data shows that users have started trading the token. According to CoinMarketCap, the AI16Z/USDT pair had a volume of over $2 million, a figure that may continue rising.
A potential catalyst for the ai16z price will be more listing by tier-1 exchanges like Binance, Coinbase, and OKX. Most of its trading is happening in Solana DEX networks like Raydium and Orca, and tier-2 exchanges like Gate and Bitget.
A likely reason for the sluggish reaction to the Bybit listing is that there are signs that some whales have started to capitulate after the AI agent token surged a few months ago. According to LookOnChain, one whale has started selling ai16z tokens worth $10.6 million using limit orders. It is not uncommon for whales to start paring back some of their positions after a big surge.
ai16z Coin Price Bullish Patten Points To More Gains
The ai16z coin price has performed well, rising from $0.01210 in November to $2 today, a 12,000% surge. However, this performance has now run out of steam, as the token retreated by near 25% from its highest level this month amid profit-taking.
On the positive side, the token is slowly forming a chart pattern that could help to propel it to $3 in the near term. It is forming a bullish flag chart pattern, which comprises a long flag pole and a pullback. This pullback also resembles a falling wedge, another highly bullish chart pattern.
AI16Z Token Targets
Therefore, if the bullish flag works well, the initial AI16Z price target will be its all-time high of $2.50, which is about 32% above the current level. A clear break above that price will point to more gains, potentially to the extreme overshoot point of the Murrey Math Lines level at $2.73, followed by $3.
Conversely, a drop below the lower side of the flag pattern will invalidate the bullish view and point to a drop to the 50% retracement point at $1.2650.
Frequently Asked Questions (FAQs)
The AI16Z price soared because of the ongoing demand for artificial intelligence agent tokens and Solana meme coins.
The token fell after the Bybit listing as signs emerged that some whales were selling the token. At times, whale distribution leads to a major sell-off as the volume or supply increases.
Yes. The token has formed a bullish pennant pattern and a falling wedge, pointing to more upside in the near term. A clear break above $2.5 will raise the odds of the token soaring to $3.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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