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The io.net price plunged 9% in the last 24 hours to trade at $4.05 as of 04:12 a.m. EST on trading volume that skyrocketed to $1.1 billion.
This follows the recent launch of the token on Binance and other cryptocurrency exchanges. The price retracement may have stemmed from controversy surrounding the project’s leadership, which caused the resignation of CEO Ahmad Shadid before the launch.
The company’s co-founder, Tory Green, has been appointed as the new CEO.
I am honored to step into the role of CEO for https://t.co/OigQQimgcD, effective immediately.
Under @shadid_io 's leadership, https://t.co/OigQQimgcD has grown into one of the fastest growing AI companies in the world.
Going forward, we will continue to execute on the vision… https://t.co/12vRHJTMRG
— tory.io 🦾 (@MTorygreen) June 9, 2024
The project aims to offer AI Compute-as-a-Currency by combining the computing power of GPUs stored with different storage service providers, hence creating a decentralized physical infrastructure network (DePIN).
After the launch, IO soared to an all-time high (ATH) price of $4.55. The price fluctuations after this surge have been within a symmetrical triangle pattern. The bulls are capitalizing on the $3.6 support to push the token toward the upper boundary of the triangle, according to data from GeckoTerminal.
io.net Price Prediction: Bulls Target A New ATH Over The $4.55 Resistance
The io.net price still trades above the 50-day Simple Moving Average (SMA), which acts as the critical support level of around $4.0.
Moreover, the Relative Strength Index (RSI) is moving up from the 50-midline level as it hurtles towards the 70-overbought region, currently trading at 54. The RSI indicates that IO is currently in equilibrium but with signs of a bullish trend, crossing above 50.
The Moving Average Convergence Divergence (MACD) line (blue) crosses above the signal line (orange), which forms a bullish crossover. A bullish crossover encourages investors to buy more, which could push the token to a higher price.
The io.net price analysis on the 15-minute chart indicates a bullish bias, with the bulls aiming for a new ATH at $5.0, after breaching the exact resistance level at $4.55.
However, in an inverse scenario, if the bears push IO below the $4.0 critical support, the bulls could retreat to the support zone around $3.54.
Meanwhile, other traders are shifting to an AI meme coin called WienerAI, a new dog-themed token that has already raised over $5.4 million in presale.
WienerAI Surges Past $5.4 Million
WienerAI (WAI) combines two of the hottest niches in crypto: AI and meme coins. The AI part of the equation involves an innovative trading bot that uses predictive technology and a user-friendly interface to give token holders advice on when to buy and sell crypto.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
WienerAI is not dissimilar to another recent token launch by the name of Scotty the AI (SCOTTY), which garnered over $10 million in its presale.
Join the sausage army!! 🌭🌭
We are growing fast 💪 pic.twitter.com/OnfAlIXSyz
— WienerAI (@WienerDogAI) June 9, 2024
The WAI project allows holders to earn passively through its staking function, which provides an annual percentage yield (APY) of 205%.
According to 99Bitcoins, a crypto channel on YouTube, $WAI could potentially soar 100X after its launch.
You can be part of the presale by buying WAI tokens for $0.000717 each. But hurry as the price will increase in about seven hours.
Buy WAI tokens on the official website here using ETH, BNB, USDT, or a bank card.
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