ChainOpera AI [COAI] climbs over 50% in a day: Is $6.67 next?

Key Takeaways

What’s driving the rapid price increase of COAI?

COAI’s price surge is driven by bullish sentiment in the crypto-AI sector, major exchange listings (Bybit, Aster), and the project’s support on Binance Alpha.

What are COAI’s potential targets based on technical analysis?

According to Fibonacci Extension, COAI’s next price targets are $4.78 and $6.67.

The recently launched ChainOpera AI [COAI] is making waves in the cryptocurrency space with its remarkable performance.

After surging 541% and 23% over the past two days, the token has recorded another price increase of over 50% as of press time, trading near $4.38.

Amid this upward momentum, market participation surged significantly, as reflected in the trading volume, which jumped 75% to $200 million.

Why is COAI’s price rising?

According to a recent report, the key catalyst driving ChainOpera’s momentum is its listing on major exchanges such as Bybit.

Additionally, the ChainOpera AI project has secured support on Binance Alpha, increasing the likelihood of a listing on Binance [BNB], which could further boost its price.

In the crypto landscape, a token listing is always a key event. Another catalyst driving COAI’s upward momentum is the sentiment shift in the broader crypto-AI sector, which began after AMD and OpenAI’s partnership.

 ChainOpera AI’s bullish outlook 

Not only has COAI’s price skyrocketed, but traders’ interest has followed suit.

Derivative tool CoinGlass revealed that the asset has seen a notable surge in Open Interest (OI), rising from $169.51 million to $207.69 million over the past 24 hours until press time, a 22.53% increase.

This suggests that COAI’s rally is strong and supported by active buying, not just a temporary spike.

ChainOpera AI’s OI-Weighted Funding Rate has reached 0.3528%, indicating that long positions are paying short positions, reflecting strong bullish sentiment and traders’ confidence.

At press time, COAI’s major liquidation levels stood at $4.2366 on the lower side, with strong interest recorded, and $4.5446 on the upper side.

At these levels, traders are overleveraged, having built $2.17 million in long positions and $982.15k in short positions, indicating strong bullish dominance in the asset.

Price action and technical analysis

According to TradingView’s hourly chart, COAI appeared bullish and in an uptrend. Due to limited data, forecasting potential upcoming levels is challenging.

However, the trend-based Fibonacci Extension, which uses the Fibonacci sequence to project potential price targets, hints at next targets of $4.78 and $6.67, which COAI could reach if the upward momentum continues.

At press time, the Average Directional Index (ADX) value reached 71.84, well above the threshold of 25, indicating a very strong market trend, with the current price movement showing significant momentum.