- AIXBT has formed a rounding top pattern at the hourly chart, suggesting 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 by Virtuals [AIXBT], has gained by over 290% in seven days. During this time, the altcoin’s market capitalization has increased significantly from $45M to $159M at press time.
After the recent gains, AIXBT is showing signs of exhaustion, given that at press time, it had dropped by 6% to trade at $0.179. Trading volumes were also down by 12% per CoinMarketCap.
AIXBT reached an all-time high of $0.236 on the 30th of November, but it has since dropped by 24%.
However, given that December tends to bode well for cryptos, will AIXBT rally higher to a new all-time high before the end of the year?
AIXBT forms a rounding top pattern
AIXBT has formed a rounding top pattern on its one-hour chart, which often precedes a reversal of the current trend from bullish to bearish.
The rounding top has also coincided with an inverted volume pattern, confirming that AIXBT could be heading for a downturn.
Bulls are fighting for control, given that AIXBT is fighting to hold support at the neckline of the rounding top pattern at $0.165. If it falls below this support, it could post further dips.
Conversely, if buyers step in to buy the dip, AIXBT could overcome these bearish trends and aim for resistance at $0.226.
If it flips this resistance, the altcoin could resume its uptrend and possibly reach a fresh all-time high.
Source: TradingView
The Relative Strength Index (RSI) has also created a buy signal for AIXBT after moving above the signal line.
If buyers step in, this altcoin could overcome these bearish trends and set the stage for further gains, likely to record highs.
Traders should also watch out for the on-balance volume (OBV) indicator. This metric has flattened after a sharp drop, suggesting that the selling pressure has paused, giving room for price recovery.
AI coins reverse gains
Last week, many artificial intelligence (AI) cryptos recorded significant gains. However, these coins have since retraced, with the downtrend coinciding with AIXBT’s downturn.
Read aixbt by Virtuals [AIXBT] Price Prediction 2024–2025
Data from CoinMarketCap showed that in 24 hours, the total market capitalization for AI agents dropped by 6% to $7.4 billion. The trading volumes for coins in this sector have also declined by 21%.
If the AI crypto sector stages another rally as was seen last week, it could increase the likelihood of AIXBT reaching an ATH before year-end. Conversely, further dips could result in a steeper correction.
