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The ParallelAI price soared 21% in the last 24 hours to trade at $0.3826 as of 00:59 a.m. EST on trading volume that plunged 25% to $1.9 million.
ParallelAI Price To Continue Soaring
Based on our previous analysis, the ParallelAI price has sustained its bullish stance, touching the projected target at $0.40, according to data from GeckoTerminal.
The price of ParallelAI has recently broken out of a consolidation zone (highlighted in yellow), where it was moving sideways for a while within the $0.101 range. This breakout is significant and accompanied by a spike in volume, indicating strong momentum.
The ParellelAI price has now crossed above the 50-day Simple Moving Average (SMA), confirming the recent uptrend in the short term.
Moreover, the Relative Strength Index (RSI) value is 74.85, which is in the overbought territory (typically above 70). This suggests that the asset might be overextended in the short term, meaning a pullback or some consolidation could occur soon. However, in strong uptrends, the RSI can remain overbought for extended periods, so this is not necessarily a reversal signal on its own.
The MACD lines (blue and orange) sit above the zero line, indicating bullish momentum. Additionally, the positive MACD histogram (green bars) suggests that this bullish momentum is strengthening. Furthermore, the MACD line (blue) is positioned above the signal line (orange), signaling that upward momentum is likely to continue.
ParallelAI Price Prediction
The ParallelAI price action shows a breakout from a rectangular consolidation pattern, indicating a potential continuation of this upward trend. If this momentum continues, PAI could rise even further above the previous $0.40 resistance, as the bulls target $0.50, a projected 29.38%.
However, the RSI now shows that the PAI price is overbought. This might be a selling signal for the bears, which could push the ParallelAI price back to the $0.17 support (50-day SMA).
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