AIXBT by Virtuals Has Experienced a Remarkable 74% Rally in the Last 24 Hours

AIXBT by Virtuals has experienced a remarkable 74% rally in the last 24 hours, recovering losses from the previous 12 days and achieving a new all-time high (ATH) of $0.75.

AIXBT Surges 74% with New All-Time High, But Which Way Next?

A relative newcomer, AIXBT, has experienced a remarkable surge in value, leaving traders divided on the next directional move.

Key Takeaways

AIXBT price soared 74% with a new all-time high of $0.75.

The altcoin’s Open Interest doubled to $154 million.

Traders’ interest is piqued by AIXBT’s volatility, which led to $2.3 million in short liquidations.

A closer look at the price action reveals a shift in sentiment. Initially, the funding rate was negative, indicating that traders expected a correction and were betting against the asset. This bearish sentiment was further fueled by high volatility, which created an environment ripe for short-selling. However, the narrative changed as the short liquidations surged, highlighting the strength of the buying pressure and forcing traders to adjust their positions.

As a result of the short liquidations and the sharp shift in sentiment, traders are now becoming more optimistic about AIXBT. The bullish momentum is expected to continue, with the asset fiyatı engaging key resistance levels and displaying resilience against selling pressure.

After surging 74% in the last 24 hours, AIXBT price trades at $0.74, notching a new all-time high of $0.75. This impressive surge marks a significant recovery from the losses incurred over the past 12 days.

AIXBT price shows strength, but traders are left guessing whether the asset will continue its rally or succumb to profit-taking.

AIXBT Price Analysis: Open Interest Skyrockets

AIXBT’s Open Interest has experienced a phenomenal surge of more than 100%, rising from $73 million to a staggering $154 million. This key metric signifies the total amount of outstanding derivative contracts, highlighting the growing attention and engagement from market participants.

As a result of this heightened interest, AIXBT has become a focal point for speculative trading, with the asset’s volatility attracting both retail and institutional investors. However, it’s crucial to note that rising interest doesn’t always equate to bullish sentiment.

Traders appear divided on the next directional move for AIXBT, with some anticipating continued upward momentum and others remaining skeptical. The increased activity and volatility are creating opportunities for both bullish and bearish traders to engage in the market.

A closer examination of the funding rate reveals that it was negative 24 hours ago, indicating that traders expected a correction and were betting against the asset. This bearish sentiment was further evident in the high volatility, which provided an environment conducive to short-selling.

However, the narrative shifted as the short liquidations surged, highlighting the strength of the buying pressure and forcing traders to adjust their positions. As a result of the short liquidations and the sharp shift in sentiment, traders are now becoming more optimistic about AIXBT.

This renewed bullish momentum is expected to continue, with the asset price encountering key resistance levels and displaying resilience against selling pressure.

AIXBT price shows strength, but traders are left guessing whether the asset will continue its rally or succumb to profit-taking.