AIOZ Network price gained traction and rose nearly 19% intraday. The broader crypto market is on the rise after Donald Trumps recent positive statements about cryptocurrencies.
Looking at the broader markets, Bitcoin has made a nearly 2% jump and has neared closer to $70K mark. Other top cryptocurrencies have noted a significant surge with Ethereum and Solana both rising over 3% intraday.
Moreover, along with the optimism in the broader market, the AIOZ Network pricefound strong support of the F&O traders as a significant development in the Open Interest contracts was observed by analysts.
Open Interest Contracts Grows by Over 50%
AIOZ Networkis a decentralized platform for Web3 AI, storage, and streaming. It aims to create a faster, more secure, and decentralized future.
By leveraging a global network of decentralized physical infrastructure networks (DePINs), AIOZ incentivizes users to share their computational resources. It enables efficient storage, transcoding, and streaming of digital media content, as well as decentralized AI computation.
AIOZ Network gained 37% over the week. The recent development in the price was largely driven by optimism in the broader market and positive development in the open interest contracts in the past one week.
The Open Interest contracts have noted a surge of over 50% rising from $1.92 Million to $2.9 Million in a week. Theres also a noticeable jump in the OI contracts.
AIOZ Network Technical Analysis
The daily chart shows that the price has been in a correction phase since mid-March 2024. Despite rising over 37% intraweek, AIOZ lags by nearly 40% from its March high of $1.05.
As per analysts, AIOZ corrected, forming a declining parallel channel pattern. However, the recent recovery initiated by the buyers may trigger a breakout and AIOZ may mark a bullish breakout soon.
On the higher side, the most recent hurdle may be the upper trendline resistance from where the price may suffer. Now, if the buyers make a comeback and the price breaks crosses the $0.69 mark, it would mark a bullish reversal and the price may rise further.
On the contrary, if the price falls below $0.5 it may invalidate a bullish scenario and the selling pressure may dominate the trend thereafter.
Can AIOZ Network Price Break Out of a Correction Phase？
AIOZ surged 37% intraweek, driven by market optimism and a 50% rise in open interest contracts. Despite this, it is 40% below its March high of $1.05. Analysts noted a declining parallel channel pattern, with potential for a bullish breakout if the price surpasses the $0.69 mark.
However, if it closes below $0.5, it could lead to increased selling pressure. The recent price movement highlights short-term traders‘ and investors’ confidence, influenced by broader market trends and positive sentiments towards cryptocurrencies.