The cryptocurrency market has been bleeding heavily over the past week, yet the AI-connected token PIEVERSE defied the carnage, posting a 77% price increase.
While some analysts think the asset has room to grow in the near future, certain indicators suggest a sudden pullback is also plausible.
Shining in a Sea of Red
PIEVERSE, a lesser-known altcoin that began trading about a year ago, has skyrocketed in the last fortnight, with its price up 100%. Several hours ago, it exploded to a new all-time high of around $2.22 (per CoinGecko), and now trades at nearly $2.09. Its market capitalization jumped to $580 million, making PIEVERSE the 98th-biggest cryptocurrency.
It remains unclear what sparked the massive price rally, but one possible reason could be the green wave sweeping through AI-related coins. Popular tokens, including ICP and NEAR, have posted 24-hour gains of 2% and 4%, respectively, while PEARL has pumped by almost 20% on a weekly basis.
Some X users have identified signals that hint at additional upside potential for PIEVERSE. NOLAR RR, for instance, noted that the token’s Whale Position and Smart Money Sentiment have entered bullish and extremely bullish territory, respectively. Flippix also weighed in, forecasting that the token could explode to $6 in an “aggressive bull scenario.”
“I want to see PIEVERSE hold above $1.50 and continue building higher lows. Lose that structure, and the bullish thesis starts weakening. Because the most important part of this chart isn’t the $6 target. It’s whether buyers can keep control after the initial breakout. And right now, that’s exactly what I’m watching,” they added.
Lots of Red Flags
Despite the major rally, PIEVERSE remains a speculative and highly volatile token that can head south at any time. Its Relative Strength Index (RSI) supports the bearish outlook.
The technical indicator, which measures the speed and magnitude of recent price changes, has risen to nearly 89, thus entering extreme overbought territory. It runs from 0 to 100, and conversely, anything below 30 is typically viewed as a buying opportunity.
Next is the coin’s holder distribution. According to CoinMarketCap, 10 addresses control 92.35% of the tokens in circulation, raising concerns about centralization and potential market manipulation.
Last but not least, we should mention the upcoming token unlocks, with user ΞLIKRYPTO disclosing that over 86 million coins will be released on November 14. The stash is worth roughly $172 million (at current rates) and represents around 30% of the asset’s total market cap. The event could dilute the supply-demand balance and trigger a correction, especially if recipients decide to realize profits.
The post This AI-Related Cryptocurrency Explodes to a New ATH: The Key Drivers and Next Targets appeared first on CryptoPotato.
The token in question has joined the ranks of the top 100 biggest cryptocurrencies by market cap. Crypto Bits, Crypto News, Altcoins, Artificial Intelligence (AI)
This articles is written by : Nermeen Nabil Khear Abdelmalak
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