AI16Z Price Recovery Accelerates With 120% Surge — Further Gains Likely

Key Takeaways

• AI16Z’s price has gained 120% over the past seven days, hitting $0.30, its highest level in nearly two months.
• Despite the surge, the AI agent-themed memecoin is still 87% below its all-time high of $2.30 in January.
• AI16Z broke out of a descending triangle on April 11, flipping market sentiment and establishing a bullish structure.
• If momentum continues, AI16Z’s price could rally to $0.61 and potentially retest $1 at the 0.618 Fibonacci level.

AI16Z, one of the leading AI agent tokens in the market, has surged to its highest price level in nearly two months. According to CoinMarketCap, it has gained 120% over the past seven days.

At the time of writing, the token is trading at $0.30. However, despite the impressive rebound, it remains 87% below its all-time high of $2.30, recorded on Jan. 2.

But by the look of things, the AI-themed memecoin does not seem ready to lose the gains it has had in recent days.

AI16Z Breaks Out of Bearish Pattern

Between Jan. 31 and April 10, AI16Z’s price traded within a descending triangle. Within this period, the value moved from $0.76 to $0.11 at the horizontal support.

However, the memecoin broke out of this bearish pattern on April 11, rising above the resistance at $0.14.

This breakout helped AI16Z hit lower and higher highs while rendering bears weak.

Following this change in trend, the daily chart shows a notable rise in the Money Flow Index (MFI) reading.

The MFI measures buying and selling pressure by combining price and volume to measure capital flow into a cryptocurrency.

As of this writing, the MFI on the AI16Z/USDT chart has increased to 83.57. The same chart also shows that the green line of the Supertrend is positioned below the AI16Z price, indicating a buy signal.

Should this trend continue, the cryptocurrency’s value could climb much higher than $0.30 in the short term.

Trading Volume Spikes

Furthermore, CCN noticed that AI16Z’s trading volume has surged nearly 60% in the last 24 hours. According to Santiment, the volume has risen above $180 million as of this writing.

From a trading perspective, an increase in volume alongside a rising price is a bullish sign. A decrease in volume, on the other hand, indicates a weakening bullish trend.

Therefore, the rise in AI6Z’s price and trading volume implies that the cryptocurrency’s value might continue to climb.

AI16Z Price Analysis: Move Toward $1 Incoming

Looking at the daily chart again, the Moving Average Convergence Divergence (MACD) has flipped to the positive region, indicating bullish momentum.

Likewise, the Relative Strength Index (RSI) has risen to 76.41, validating the bullish sentiment around the cryptocurrency.

Should the readings of these indicators continue to climb, AI16Z’s price might rise to $0.61 in the short term. If buying pressure increases, the memecoin’s value could retest $1 at the 0.618 golden ratio.

However, if AI16Z becomes extremely overbought and selling pressure intensifies, this prediction might not come true.

If that happens, the market value of the AI Agent-themed token could drop below $0.10.