AI16Z Price Turns Bullish: MACD Crossover Signals Possible Upside Momentum
- The first bullish MACD crossover in weeks is now showing in AI16Zs charts.
- Buyer momentum may be building based on RSI levels, which are now rising from the neutral level.
- The recent accumulation of AI16Z tokens follows a steep decline, thus indicating growing investor confidence in a recovery.
The AI16Z token is showing signs of a turnaround after a prolonged downtrend. Technical indicators are starting to signal early signs of strength, despite market sentiment being quite bearish for a while now.
One of the clearest signals is the MACD (Moving Average Convergence Divergence). A bullish crossover has occurred for the token, for the first time in weeks the MACD line crossing above the signal line.
Source: TradingView
This bullish crossover supports the notion that the AI16Z token has its downward pressure already weakening slightly and buyers returning. The green bars on the MACD histogram suggest that this is a momentum shift; the speed of positive movement is increasing, albeit very slightly for now.
RSI Reading Signals Upward Trend of Buying Momentum
The price of AI16Z is still slightly dipping, around 2.3% in the last day, at $0.1464. For the RSI (Relative Strength Index), which shows the speed and variation of the price movement, it currently has a reading of 46.85.
The rise in this level is still very gradual, so its in neutral territory, neither overbought nor oversold. Typically, a positive crossover of the MACD when it occurs from a low base is a sign that bullish interest is increasing, which is what a rising RSI from a low base typically indicates.
The First Move of a Significant Trend Change
AI16z is in a consolidation phase as the price action is now relatively flat. This kind of consolidation is usually a necessary move for a token before it experiences a sustained recovery.
Interestingly, we have already begun to see small but steady green candles in recent sessions, which indicates that investors are accumulating, believing that the token may have already bottomed out.
Although the AI16z token still has a long way to go to return to its previous highs, current technicals are showing a glimmer of hope for the early optimists. Notably, the MACD crossover into bullish territory indicates the first move of a more significant trend change, especially when it is supported with increasing volume.
Also, while RSI does not yet confirm a strong trend, its direction suggests that the bearish grip over the AI16z is loosening.
Read more: https://www.tronweekly.com/ai16z-is-showing-is-in-recovery-macd-bullish/
Text source: TronWeekly
