ChainOpera AI [$COAI] was among the $BNB Chain ecosystem tokens that were pulling massive gains.
In the past 24 hours, $COAI went up by more than 25% as the broader crypto market rebounded by 1% in the same period. This massive surge cleared weekly losses and put the altcoin in gains of 16.55%.
The altcoin’s daily trading volume spiked by 446%, indicating intense buying activity.
Furthermore, Bitcoin [BTC] and Binance Coin [$BNB] gained almost 1%, reaching $63.35K and $603, respectively. $BNB’s strength spread across its ecosystem coins, including $COAI and LAB, among others.
Retailers fuel ChainOpera AI price action
Analyzing the buying activity, the Long/Short Ratios spiked confirming this bull action.
The overall activity across all Binance accounts showed that the Long/Short Ratio reached 5.04, while the Long/Short Ratio on OKX hit 3.42. This suggested Binance exchange traders mainly contributed to this surge in price.
Additionally, the Top Trader’s accounts ratio reached 4.91, while their positions ratio was at 1.57. The contrast in readings indicated that Top Traders were buying but not in large quantities.
More data showed that retailers dominated the big players. That is, the Whale vs. Retail Delta was red with a reading of negative 0.313. As such, users can interpret that retail capital drove $COAI’s rally.
In fact, Futures capital inflows recorded a surge of 101.56%, while Spot trading was at 131% in eight hours. Hence, the OI-Weighted Funding Rate turned green with a reading of 0.0065% from a sharp low of negative 0.0103%.
Can $COAI bulls break past the $0.31 resistance level?
The price charts showed that $COAI had made a higher low of $0.2242, up from $0.2081, over a period of four days. After the higher low, $COAI surged to $0.3243 in just two days but reverted to a sideways resistance range.
This range resistance was confined between $0.2782 and $0.3127. Over the past 24 hours, the altcoin has mainly traded between these levels even though MACD bars showed bull momentum was strong.
This strength of bulls was not enough to break past and stay above $0.31. This phenomenon could potentially be because retailers’ capital was not as big as that of whales.
Worth noting, $COAI’s correlation with $BNB was at 0.78. This indicates that continued strength in the native blockchain token may help $COAI break past the resistance.
More importantly, the altcoin needed powerful bulls like whales to break past this sell wall at $0.31. Otherwise, $COAI may revert to its bearish market structure, as it is yet to flip it in the near-term outlook.
Final Summary
- ChainOpera AI surged 25% due to a surge in volume and intense retail buying activity.
- $COAI formed a higher low at $0.22, but the power of the bulls was not enough to break past the sell wall at $0.31.
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