- Summary:
- The wider global AI market has received fresh impetus from forecast-beating quarterly earnings reports and AIOZ price has caught the fever.
AIOZ coin price spiked on Thursday, building in the renewed hype around AI-based assets. AIOZ traded at $0.663 at the time of writing, up by 16.6 percent on the daily chart. That brought its gains in the previous seven days to 38.8 percent. Furthermore, it stays on course to record the fourth successive weekly gain. That makes it the most successful crypto asset in the last week among the top-100 crypto assets by market capitalization. Also, while the trading volume of the wide crypto market is down by 3.1 percent in the last 24 hours, the AIOZ coin trading volume is up by 61.9 percent as of this writing, underlining a strong bullish momentum.
The AIOZ protocol is on a mission to revolutionise the streaming of text, audio and video by bringing one-click dApp porting, instant finality, and minimal micro-transaction fees-all powered by the integration of AI and blockchain technologies. Furthermore, the AIOZ Network has multi-chain support, with cross-chain interoperability across Cosmos and Ethereum ecosystems. The latest surge came alongside gains by the mainstream AI stocks led by Nvidia, AMD, following forecast-beating earnings results announced by AMD and Meta, and positive AI-leaning pronouncements by tech giant, Microsoft.
Momentum indicators
On the 2-hour chart below, the momentum on AIOZ price has spiked substantially in the recent hours. As a result, it has just crossed the upper Bollinger Band, building a strong case for the continuation of the upside. Meanwhile, the RSI has followed the same trajectory, and reads 65. That adds support to the upside view. The 20-SMA price is currently at $0.594, making it a key support mark.
Key support and resistance levels
AIOZ price pivots at 0.635, and the upside will likely continue if the buyers manage to keep the price above that level. In that case, the first resistance will likely be encountered at 0.666. However, extended bullish control could break above that mark and potentially build the momentum to test 0.700 in extension.
Conversely, the sellers will take control if the price breaks below 0.635. That could establish the first support at 0.605, with a breach of that mark invalidating the upside narrative. Furthermore, the resulting momentum could extend the decline to test 0.570.
