ai16z Price Plunges 14% as Investors Decrease Exposure to AI Agent Crypto

The price of AI16Z (ai16z) dropped sharply on Monday evening as investors decreased their exposure to the AI agent crypto. The coin fell by more than 14% in the last 24 hours and was trading at $1.26 as of 6:12 a.m. EST.

The drop in the AI16Z price happened as traders started to book profits from the crypto’s strong performance over the last 7 days. Even after the latest correction, the altcoin is still up more than 72% on the longer-term time frame.

The price of ai16z has been in a negative sequence over the past 24 hours. After forming a series of lower lows and lower highs during this period, a descending channel has formed on the crypto’s 4-hour chart. Now, the altcoin is resting on the key support level at $1.2099.

Should the ai16z price fall below the $1.2099 mark within the next 12 hours, it could stand the risk of plunging down to the subsequent support at $0.9138 in the following couple of days.

On the other hand, the ai16z price maintaining a position above $1.2099 for the next 12 hours, or a break above the upper boundary of the negative price channel, could mark the end of the altcoin’s price drop.  

In a more bullish scenario, the ai16z price might end up trying to reclaim the support of the $1.4959 mark. Closing a 4-hour candle above this price point in the short term could subsequently give the crypto the foundation needed to keep climbing. Traders might then push the crypto’s price up to $1.7205.

A bearish scenario seems more likely to play out in the next 24 hours, however, looking at technical indicators on the crypto’s 4-hour chart. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn AI16Z might keep falling.

That’s after a major bearish technical flag was triggered by the MACD in the last couple of hours. During this period, the MACD line crossed below the MACD Signal line. Traders often see this technical event as an indication as a confirmation that a crypto has entered a negative trend. 

Moreover, the MACD line has started to break away below the MACD Signal line. This growing gap might suggest that AI16Z’s negative momentum is growing stronger.

Supporting the bearish outlook is the decrease in RSI readings in the last few hours. The indicator has fallen from above 60 to the mid 40s in a relatively short time span. This warns that there has been a drastic drop in buying power. Additionally, the RSI’s drop below the neutral 50 mark suggests bears currently have control of the ai16z price.

While the AI16Z price plunges, investors are turning their attention to a new AI agent token called MIND of Pepe (MIND). 99Bitcoins, a popular crypto YouTube channel that boasts over 721K subscribers, says the new meme coin has the potential to soar 20X after launch.

It didn’t take long for the hype around OpenAI’s ChatGPT to roll over into the Web3 ecosystem. In recent months, a large number of AI-centric projects have entered the crypto arena. However, Mind of Pepe stands out from the crowd given it’s the first AI project that is a derivative of a reputable Web3 brand.

Through sophisticated computer models that are also capable of self-improvement, Mind of Pepe will monitor social sentiment and chatter online to determine emerging trends in the crypto space that could present profitable trade opportunities.

Any insights the AI agent uncovers will be shared with the project’s community through token-gated chat groups. To get in on these valuable insights, investors simply need to purchase MIND through the simple buy widget embedded on the project’s website.

Selling for $0.0031384, MIND can be bought with either ETH, USDT, BNB or bank card. Investors who want to acquire the token at the best possible rate will want to act fast because the meme coin’s price will increases as its presale progresses. The next price hike will be in just over 24 hours.

MIND tokens can also be staked for a stratospheric 1,012% annual return.

Visit MIND here.