AIXBT soars 18% in a day as price breaks above a key resistance zone.
Spot average order size showed big whale orders have been growing steadily since the end of March.
An artificial intelligence coin from the Virtuals Protocol [VIRTUAL], aixbt [AIXBT] was among the top trending cryptocurrencies in the last 24 hours, according to data from the CoinMarketCap.
AIXBT surged more than 18% while the daily trading volume increased by 154% as of press time, roaring back from a local bottom of $0.1630 to hit a high of $0.25565 in a clean vertical move.
AIXBT price analysis
The AI token surged past a notable resistance area at $0.23400 and now the zone supported price. Staying above $0.23400, the price showed the market was bullish.
Should it break at a higher level, the price may rise to about $0.26000–$0.27000 next or higher.
The prices of the coin may keep rising if the bullish charge that began continues.
Should trading fall below $0.23400, the investors can expect another period of constantly fluctuating in the range found in between the $0.16000 and $0.23000 levels.
Source: TradingView
A fall below $0.16000 would change the bullish bias and support the markets falling further.
With the MACD line coming above the signal line and the histogram stayed inexperienced, it suggested buyers still led the market at this point.
However, if traders notice the MACD losing strength, it might be a sign of momentum starting to fade. The key support was at $0.23400 with the next key targets being in the zone of $0.26000–$0.27000.
The bullish pattern would be broken if price dropped below $0.16000.
The bullish bias would keep as long as AIXBT traded above $0.23400 supported by both strong volume and momentum, while a drop could return the range bound price movements.
Spot average order sizes
Moreover, the chart revealed the average spot order size of AIXBT had grown steadily over time. There were many more big whale orders since late March.
As soon as these deals occurred, the market started to see improvements from the $0.07 zone all the way above $0.20.
Because whale activity was seen regularly, it became clear that more institutions or rich individuals were taking interest, which may support AIXBT’s value if demand doesn’t end.
Source: CryptoQuant
Usually, the buildup of products draws in consumers, who are encouraged by the low prices. Should whale buying continue, AIXBT could climb even higher.
If speculative interest decreases or people start to sell, prices may fall quite rapidly. This is mainly because buying from retail investors is usually weak, as historical data revealed.
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