AI16Z has witnessed a significant price increase of 16.5% over the past 24 hours, driven by strong demand for long positions. The altcoin surged from a low of $0.129 to a high of $0.157, marking a notable upswing in its price charts. During this period, trading volume increased by 16.31%, reaching $118.4 million, while Open Interest rose by 17.8% to $61.19 million. These figures indicate that investors are actively positioning themselves in anticipation of further market movements.
The Long/Short Ratio reveals that long positions account for 57.41% of futures contracts, compared to 42.6% for shorts. This suggests optimism among investors who expect prices to continue rising. Additionally, the Funding Rate has remained positive for two consecutive days, reinforcing bullish sentiment.
However, questions remain about the sustainability of this rally. While AI16Z’s RSI has risen from 41 to 47, it still remains below the critical 50 mark, indicating lingering bearish undertones. Sellers continue to be active, with spot netflow remaining positive, signaling potential profit-taking by holders who used the price bounce to exit their positions.
Given these mixed signals, it is possible that AI16Z is experiencing a bull trap, where the recent uptrend may weaken and lead to a decline. Alternatively, if bullish momentum holds, the altcoin could surge further to $0.160. A retracement to $0.146 is also a plausible scenario.
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