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AI16Z near $0.10 after 10% drop – Could whales spark reversal?
The cryptocurrency market has been experiencing a tumultuous ride over the past few hours, with AI-focused tokens taking the brunt of the sell-off. Amidst this chaos, AI16Z has dropped by a staggering 10%, trading at levels not seen in several weeks. The question on everyone’s mind is whether whales could spark a reversal.
For those who are new to the space, AI16Z has been consistently displaying bearish price action since the start of April, attempting multiple times to breach the resistance line but falling short every time. However, the recent sharp decline has sparked concerns about a further drop in the near term.
The first thing that stands out when looking at AI16Z’s chart is its proximity to the $0.10 mark. Historically, this level has played a crucial role as an accumulation zone, with buyers consistently entering long positions around this area. This raises two possibilities – either we see a reversal, or further losses will ensue.
It appears that whales are not giving up on AI16Z just yet. Data from CryptoQuant reveals that buyer dominance is back in the green since the end of June, marking an inflection point for the asset. Moreover, liquidation data suggests that buyers are stepping in as the asset approaches $0.10, a pattern seen consistently throughout its history.
In this context, it’s crucial to analyze AI16Z’s fundamental and technical indicators to determine if the bears have taken control or if there is room for recovery.
Source: ambcrypto.com
