AIOZ Network price has been experiencing very high volatility for the past couple of days despite a sideways BTC price action. AIOZ coin has underperformed in 2023 when compared to the other altcoins. While many cryptocurrencies have shown a great recovery after a brutal sell-off in 2022, AIOZ crypto has remained in 2023.
On Monday, AIOZ experienced a major surge. The buyers stepped over each other to catch the pump, resulting in 23.81% gains. However, most of the gains were lost on Tuesday as the sellers came. At press time, the digital asset was changing hands at $0.0156 after a 13.75% pullback.
I’ve looked through the whole internet and I couldn’t find any particular reason behind the recent surge in AIOZ crypto. It seems that the move was manipulated by the market makers and whales to sell at the top. The chart shows that the price got rejected from a major resistance level.
AIOZ Network price is currently trading 99.44% below its all-time high. It was one of the most hyped launches of 2021. However, due to very little to know development, most of the investors have lost faith in the project. At its peak, the coin had a market cap of more than $200 million. This has plummeted to mere $14.6 million right now.
A look at the following chart reveals that the price has been oscillating between two key levels since May 2023. There seems to be a huge resistance above $0.02 which is represented by the red box on the chart. On the other hand, there is good support below $0.013 level which has resulted in multiple bounces.
For AIOZ Network price prediction to flip bullish, it needs to break above the $0.02 resistance level. Until then, my outlook for the coin would remain bearish. Another factor that could affect the price action in the coming days is the BTC price action.
I’ll keep posting my updated AIOZ analysis and my personal trade setups on Twitter, where you are welcome to follow me.
This post was last modified on Aug 15, 2023, 13:10 BST 13:10