- Whale accumulation boosts $AIXBT price, leading to a new all-time high.
- RSI signals overbought conditions, suggesting a potential short-term pullback.
- Breaking $0.9219 resistance could pave the way for further gains toward $1.00.
A significant whale transaction has contributed to a sharp rise in $AIXBT’s price, pushing it to a new all-time high (ATH). According to Spot On Chain data, the top holder, identified as “0x001,” bought an additional 3.81 million $AIXBT, valued at approximately $2.72 million, just before the price surged by 41%.
This latest purchase brings the total amount held by the whale to 8.31 million $AIXBT, or about 0.83% of the total supply. With an average purchase price of $0.623, the whale has invested an estimated $5.18 million in the past four days alone.
This strategic accumulation has positioned the whale as the eighth-largest retail holder of $AIXBT, sitting on an unrealized profit of $2.2 million, representing a 43% increase in value. Consequently, this massive buy has contributed to a surge in $AIXBT’s price, which currently stands at $0.8884. The token has seen a remarkable 24.80% rise in the last 24 hours, with a trading volume of $675.4 million. But what does this mean for the token’s future performance?
Strong Uptrend Signals Continued Momentum
The recent price action of $AIXBT reveals a strong bullish trend, marked by higher highs and higher lows. The candles have shown a sharp upward movement, suggesting a surge in buying momentum. The trend appears to be fueled by growing demand, particularly from institutional and retail investors. Besides the whale’s accumulation, this momentum could be further supported by the market’s increasing confidence in the token.
Technical Indicators and Overbought Conditions
However, the market is showing signs of being overbought. The Relative Strength Index (RSI) currently sits at 74.20, signaling that the asset may be due for a pullback or consolidation in the short term.
Although the RSI suggests that buying pressure is still strong, the overbought condition could cause a temporary slowdown in the price action. Moreover, the Moving Average Convergence Divergence (MACD) line is above the signal line, confirming that the bullish momentum is intact. Hence, while the uptrend remains strong, investors should be cautious of potential short-term corrections.
Key Levels to Watch
The price has encountered resistance at the $0.9219 level, marked by the upper wick of the latest candle. If $AIXBT can break above this level, it could pave the way for further gains, with the psychological $1.00 mark acting as the next key resistance.
On the downside, the immediate support levels lie at $0.8425 and $0.6000. A retracement to these levels could present buying opportunities, especially for those looking to enter at lower prices.