- AIXBT has formed a rounded top pattern on the hourly chart, indicating an upcoming bearish reversal.
- If buyers step in to buy the dip, AIXBT could overcome the bearish trends and aim for a new ATH.
aixbt from Virtuals [AIXBT]is up more than 290% in seven days. During this time, the altcoin’s market cap has increased significantly from $45 million to $159 million at the time of writing.
After the recent gains, AIXBT is showing signs of exhaustion as it was down 6% to trade at $0.179 at the time of writing. Trading volumes also fell by 12% per CoinMarketCap.
AIXBT hit an all-time high of $0.236 on November 30, but has fallen 24% since then.
But given that December tends to bode well for cryptos, will AIXBT soar to a new all-time high before the end of the year?
AIXBT forms a rounded top pattern
AIXBT has formed a rounded top pattern on the one-hour chart, which often precedes a reversal of the current trend from bullish to bearish.
The rounded top also coincided with an inverse volume pattern, confirming that AIXBT could be headed for a downturn.
Bulls fight for control as AIXBT fights to hold support at the neckline of the rounded top pattern at $0.165. If the price falls below this support, further declines may occur.
Conversely, if buyers step in to buy the dip, AIXBT could overcome these bearish trends and aim for resistance at $0.226.
If this resistance is reversed, the altcoin could resume its uptrend and possibly hit a new all-time high.
Source: TradingView
The Relative Strength Index (RSI) has also created a buy signal for AIXBT after it moved above the signal line.
If buyers intervene, this altcoin could overcome these bearish trends and pave the way for further gains, which are likely to reach record highs.
Traders should also pay attention to the on-balance volume (OBV) indicator. This measure has leveled off after a sharp decline, indicating that selling pressure has eased, leaving room for price recovery.
AI coins reverse winnings
Many artificial intelligence (AI) cryptos were registered last week significant profits. However, these coins have since bounced back, with the downtrend coinciding with the decline of AIXBT.
Read aixbt from Virtuals [AIXBT] Price forecast 2024–2025
Data from CoinMarketCap showed that the total market cap for AI agents fell 6% to $7.4 billion in 24 hours. Trading volumes for coins in this sector have also fallen by 21%.
If the AI crypto sector stages another rally as seen last week, it could increase the chances of AIXBT reaching an ATH before the end of the year. Conversely, further declines could lead to a steeper correction.
Credit : ambcrypto.com
