AIXBT bulls hopeful of breakout beyond $0.23 – But can it happen?

• The token had a strongly bullish market structure, although it saw a 7% price dip in the past 12 hours
• The $0.15-$0.16 support zone, if defended, could set the stage for a rally to $0.23

AI agent token aixbt [AIXBT] garnered attention after rallying 128% in a month, and 10.5% in the past 24 hours. Its trading volume has increased by 51% in the past 24 hours, a sign of bullish belief.

The Open Interest increased from $27 million to $35 million on the 5th of May, but has fallen off and was at $30 million at press time. This OI decrease came alongside a 7% price dip in the past 12 hours.

The spot CVD was uninspiring, too, which cast some doubts on the short-term strength of the bulls.

Will AIXBT retrace to $0.128 next?

The 1-day price chart showed a strongly bullish market structure. The trading volume has been high in the past three weeks as the token rallied, showing increased demand.

This was confirmed by the swift upward surge on the OBV.

The RSI was at 63 to signal momentum, and was still firmly bullish at press time. It did not suggest a deeper retracement was coming, but volatility around Bitcoin [BTC] could post a challenge for the bulls.

As things stand, the local support at $0.16 has been defended well. AIXBT presented swing traders a buying opportunity, with a stop-loss below $0.15 and take-profit target of $0.227.

The social metrics showed the token experienced a sudden surge in popularity. The Weighted Sentiment shot skyward on two occasions in the past 10 days, reaching values not seen since January.

The social volume also saw an increase over the past three weeks, but it was not enough to challenge the highs of December and November.

Back then, AI agent tokens were a hot topic, but they haven’t regained their popularity since.

The Taker Buy/Sell volume revealed that Futures traders were evenly balanced. The Long/Short Ratio was at 0.9988 at press time, and 49.97% of the taker volume was long.

Overall, there were chances of a short-term price dip, but the rally appeared likely to continue, so long as Bitcoin remained steady.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion