Ai16Z’s Recent Surge

After hitting a local bottom, Ai16Z has made a strong upswing with four consecutive days of gains. Ai16Z surged by 19.57% over the past day.

For the first time in three weeks, Ai16Z has experienced gains for four consecutive days. Over this period, the memecoin has made a strong price recovery after reaching a local bottom, surging from a low of $0.26 to a local high of $0.43.

At press time, Ai16Z was trading at $0.42, after a 19.57% increase on daily charts. This bullish outlook also extends to weekly charts, with an 18.31% hike.

Additionally, the memecoin saw a 23.6% spike in trading volume to $737 million and a 21.7% rise in Open Interest to $150.7 million over the past day.

Prior to these price gains, Ai16Z had been on a downtrend, dropping by 65.78% over the past month. With recent gains, the key question is whether it can sustain this momentum.

Can Ai16Z Sustain Recent Gains?

According to AMBCrypto’s analysis, Ai16Z has reached a local bottom, with upward momentum building. This is evidenced by a bullish crossover from two fronts:

1. A bullish crossover on Stoch, indicating strong upward momentum.
2. Another bullish crossover on RSI, suggesting buyers are now in control of the market.

Looking further, Ai16Z investors have turned bullish, as indicated by increased demand for long positions. Coinalyze data shows an aggregated Long/Short Ratio of 1.62, meaning more traders are taking long positions than short ones. Long positions occupy 61.89% of total accounts compared to 38.11% for shorts, reflecting bullish sentiment among investors.

This bullishness is further supported by longs willing to pay for short positions. Ai16Z’s Funding Rate has turned positive at 0.000606, reflecting a current market dynamic where investors support price growth through leveraged long positions. If this continues long enough, shorts could be forced to close their positions, leading to a short squeeze.

Market Cap Perspective

In conclusion, Ai16Z has demonstrated potential recovery after reaching a bottom. If positive sentiments from the past four days persist, we might see sustained gains in its price charts. If bulls maintain control, the memecoin could attempt to reclaim $0.60. A successful breakout from this level would strengthen its stance against the next major resistance at $1.0. Conversely, if buyers falter and sellers regain control, Ai16Z could pull back to $0.32.