AIOZ Network Price Prediction: Making Sense of the Current Bearish Move

Summary:

AIOZ Network price is dropping today, a sign that the current bullish trend may be losing momentum and a reversal maybe on its way.

AIOZ Network price is dropping today, a sign that the current bullish trend may be losing momentum. There is also a possibility that the prices are likely to reverse in the coming days. Expect the prices to drop to the $0.17 level when that happens.

Why AIOZ is Likely to Drop Further

There are two major developments in AIOZ that can explain the market’s current bearish trend. The first is the decreasing number of users of the platform. In the past 24 hours, AIOZ Network trading volume has been below $3 million. The trading volume has also reduced by 39 per cent within a day. Despite having a negligible impact on AIOZ price, such swings and low volume traded are likely to cause the prices to fall further.

The second factor is the increased AIOZ scrutiny by exchanges such as Coinbase, which now refers to AIOZ Network as experimental. Although this announcement was made early in March, its effect is now beginning to be felt across the industry. This will drive away users and likely push AIOZ Network prices further down.

AIOZ Network Price Prediction

Since my March 24 AIOZ analysis, where I predicted that the prices were likely to continue with the upward trend, a lot of things have changed. Although the AIOZ Network prices played out as I had predicted, the markets lost the volatility midway. This resulted in the slow move and daily gains looking like sideways markets.

Today, looking at the daily chart, as shown below, we can predict that a new bearish trend is in the offing. Based on the chart, I expect the prices to trade within the Pitchfork indicator in the next coming days. I also expect the cryptocurrency prices to hit the $0.17 support level.

Depending on the momentum and volatility gained along the way during the predicted bearish move, there is a small chance of a breakout to the downside. When that happens, I expect the prices to hit the long-term support level of $0.122.