- AIOZ crypto price has surged to a multi-month high recently.
- It jumped as the OpenAI drama unfolded this week.
- The token is forming a double-top pattern, a popular signs of a reversal.
AIOZ price continued its bullish trend this week as it surged to the highest point since November last year. The token surged to a high of $0.089, which was 785% above the lowest level this month, giving it a market cap of over $71 million.
What is AIOZ and why is it rising?
AIOZ is a layer 1 network that provides Ethereum and Cosmos interoperability. It uses EVM and WASM smart contracts, which help developers build quality applications that have fast transaction speeds and low costs.
It also has a decentralized CDN that is made up of a global network of nodes to power the decentralized media economy. Developers can take advantage of this network to build dApps in the file transfer, storage, audio, video, and metaverse industries.
It is unclear why the AIOZ token rose this week. A likely reason is because of the performance of artificial intelligence tokens as the ChatGPT story unfolded. On Friday, the board of OpenAI fired Sam Altman, leading to a major outrage from Microsoft and other investors.
This week, the board returned Sam Altman as the CEO and expanded its board to include Larry Summers and a former co-CEO of Salesforce. As a result, most AI tokens like SingularityNET (AGIX) and Fetch AI (FET) bounced back.
Meanwhile, the number of transactions in AIOZ have risen in the past few weeks. It has now handled over 1.1 million transactions with the average transaction fee of $0.000016. The block height has jumped to over 10.2 million.
AIOZ token price forecast
Turning to the daily chart, we see that the AIOZ price was in a consolidation phase for a while. In Wyckoff Method analysis, this movement was a sign of accumulation. It then moved into the markup stage, which is characterized by higher demand than supply. It surged to a high of $0.090.
Now, the token has moved into the distribution phase and is about to form a double-top pattern. In price action analysis, this pattern is usually a bearish sign. Its neckline is at $0.050. The Relative Strength Index (RSI) has moved above the overbought point.
Therefore, the AIOZ crypto price will likely rise and retest the double-top part at $0.090. If this pattern works out well, there is a likelihood that it will pull back in the coming days. A move above the double-top point at $0.090 will invalidate it and push it higher.
