The ai16z price has plummeted 19% in the last 24 hours to trade at $1.46 as of 7:10 a.m. EST on a 25% pump in trading volume to $505 million.
ai16z Price Could Continue The Downturn
The AI16Z/USDT 4-hour chart highlights meaningful price action and patterns that suggest a bearish sentiment. Initially, the price experienced a strong parabolic rise from around $0.50 to $2.60, reflecting bullish momentum.
However, this upward movement was followed by a double-top pattern around the $2.50-$2.60 resistance area, signaling a potential reversal.
The failure to break above this resistance marked a shift in sentiment. The subsequent breakdown of the neckline support at $1.80 confirmed the bearish reversal, with the price continuing to decline to $1.462, suggesting that selling pressure remains strong.
AI16ZUSDT Analysis Source: Tradingview
Additionally, the 50-period moving average (MA50) at $1.981 now serves as resistance, and the 200-period moving average (SMA200) is also trending downward, further reflecting the weakening long-term.
Despite the bearish trend, the Relative Strength Index (RSI) is at 31.53, close to the oversold zone. This could indicate an overextension in the bearish momentum and a possible short-term rebound if buying pressure for the ai16z price resumes. If the price continues to fall, the next significant support level lies at $1.20, with the possibility of further declines to $1.00 or lower.
For a bullish reversal to occur, the price must reclaim the $1.80 neckline and push above the $1.981 resistance level (the MA50). Such a movement could indicate that the market is finding its footing and may look to test higher levels, potentially moving toward the $2.00-$2.20 range.
On the flip side, if the price continues to fall, $1.20 is the next key support level, and a break below this could lead to a further decline to $1.00 or lower.
