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AI16Z – A Potential Rally to $2.6? Top Traders Have THIS to Say!
As the crypto market continues to be plagued by uncertainty, the price of AI16Z has been on a downward trajectory, falling by 19.05% over the past week and another 4.59% in the last 24 hours. However, despite these bleak circumstances, top traders on Binance and OKX have been accumulating the token, placing significant buy orders that could potentially reverse the trend.
According to the latest data from Coinglass, it appears that long-term holders are not only holding onto their AI16Z assets but also actively accumulating them, as indicated by the negative exchange netflows. Over a five-day period, approximately $8.24 million worth of AI16Z was withdrawn from exchanges and moved into private wallets, suggesting sustained confidence among investors.
Furthermore, AI16Z’s derivatives market has been exhibiting bullish momentum, with the funding rate and Open Interest on the rise. The funding rate, which indicates whether buyers or sellers are dominating the market, currently stands at its highest level since January 13th at 0.0440%. This development highlights the strength of long traders in the market.
The concurrent increase in Open Interest is also a significant indication that derivative market participants are growing increasingly optimistic about AI16Z’s future prospects. Should this bullish trend continue to gain momentum, it could potentially drive the overall market higher and propel AI16Z into new highs.
While the prospect of an AI16Z rally to $2.6 may initially seem far-fetched, considering the asset’s recent downturn, such a development is not entirely impossible. If top traders are actively accumulating AI16Z and the derivatives market continues to exhibit this kind of momentum, it could be argued that there is reason to believe the token might potentially trend higher from its current level.
In conclusion, while AI16Z has been experiencing some difficulties in recent times, the actions of top traders and bullish derivatives indicators suggest that a reversal may be imminent.
Source: ambcrypto.com
