bullish

Solana

2024

Reversal

<p>IO.net, (<a href="https://www.thecoinrepublic.com/price-prediction/io-net/">IO</a>) a Solana based DePIN platform, saw a significant price decline following the market bearish movement in the past few weeks. Trading at a discount of over 72% from its 52 week high, the token underwent a major decline last month.</p> 
<p>Recently launched token failed to attain follow on gains after the initial bullish moves on the day of listing and have continued to retrace till now. Correcting over 72% and slipped below the significant moving averages, the token was redirecting the bearish sentiments and traded in the negative trajectory.</p> 
<p>Following the market correction, IO exhibited an extended correction phase. It is expected to head for the $1.30 mark, which is only 30% far from the current price level.</p> 
<p>However, this week, the IO paused and represented a tight range bound movement and significant accumulation was noted.</p> 
<p>At press time, IO token was trading at $1.78, up by 0.67%, displaying flat movement on the intraday chart. Its trading volume dropped over 32.90% representing the lower buying interest.</p> 
<p>Notably, it was ranked at 220 with a market cap of $167.65 Million, with a total supply of 800 Million.</p> 
<h2 class="wp-block-heading" id="h-io-price-action-and-on-chain-metrics-outlook"><strong>IO Price Action and On-Chain Metrics Outlook</strong></h2> 
<p>On the daily chart,<strong> IO token</strong> exhibited a one way selloff and corrected over 70% last month. Amidst the market selloff, the token faced bearish moves and traded under bearish influence.</p> <iframe loading="lazy" title="Santiment Chart: Price (IO), Volume (IO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=polkadot-new&amp;pt=DOT&amp;df=2024-02-08T18%3A29%3A59.788Z&amp;dt=2024-08-08T18%3A29%3A59.788Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bio-net%3BIO%5D%3B%5B1%3Bvolume_usd%3Bio-net%3BIO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Moreover, the momentum indicator RSI curve is in the oversold region, having a reading of 33. It displayed a negative divergence on the chart, conveying the bearish stance.</p> 
<p>Per the Fib retracement levels, the token has dragged to the make or break region around the $1.60 mark. Down there, it can dive toward its 23.6% zone around the $1.45 mark.</p> 
<h2 class="wp-block-heading" id="h-weighted-sentiment-and-volatility-data-overview"><strong>Weighted Sentiment and Volatility Data Overview</strong></h2> 
<p>Despite the token’s underperformance, the weighted sentiment data highlighted a spike over 8% and noted an anticipation of a reversal. This significant shift means that investors have begun to chatter about IO and are waiting for a bounce.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (IO), Price Volatility 1d (IO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=polkadot-new&amp;pt=DOT&amp;df=2024-02-08T18%3A29%3A59.788Z&amp;dt=2024-08-08T18%3A29%3A59.788Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Bio-net%3BIO%5D%3B%5B1%3Bprice_volatility_1d%3Bio-net%3BIO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%228h%22%7D" scrolling="no"></iframe> 
<p>Notably, the price volatility curve remained flat at around 0.021, highlighting mixed movements and flat movements.</p> 
<p>@AltCryptoTalk in his tweet mentioned that, IO token was trading inside a falling channel and reached the lower support zone. A bounceback is anticipated.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24IO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IO</a> – <a href="https://twitter.com/ionet?ref_src=twsrc%5Etfw">@ionet</a><br><br>Built on <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@solana</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4aa.png" alt="💪" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>AI Compute-as-a-Currency, powered by $IO<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"> Internet of GPUs<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>As <a href="https://twitter.com/hashtag/IO?src=hash&amp;ref_src=twsrc%5Etfw">#IO</a> approaches the $1 round number and the lower bound of the channel, it would enter a massively oversold zone where we have an edge to look for buy setups.<br><br>For now, we wait!… <a href="https://t.co/kIK9yKt75q">pic.twitter.com/kIK9yKt75q</a></p>— AltCryptoTalk (@AltCryptoTalk) <a href="https://twitter.com/AltCryptoTalk/status/1821454421831688348?ref_src=twsrc%5Etfw">August 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>Based on the current price action, the token continued to form the lower low swings and traded inside a declining channel. IO bulls experienced a rejection from the 20 day EMA mark and pushed back below the $2 mark last week.</p> 
<p>With the bearish momentum, the token has driven the underperformance and remained on the backfoot.</p> 
<h2 class="wp-block-heading" id="h-futures-open-interest-data-noted-a-downtick"><strong>Futures Open Interest Data Noted a Downtick</strong></h2> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="241" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-1024x241.png" alt="Open Interest Data Source:Coinglass" class="wp-image-655118" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-1024x241.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-300x71.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-768x181.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-150x35.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-696x164.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84-1068x251.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-84.png 1386w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Open Interest Data Source:Coinglass
 </figcaption>
</figure> 
<p>The token’s Open Interest (OI) data noted a downtick over 7.89% and fell to $30.23 Million, signifying a short covering activity in the past 24 hours.</p> 
<p>If <strong>IO </strong>succeeds in holding momentum near the $1.70 mark, it could trigger a recovery. Then, it might go toward the upside resistance zone of $1.85 and then $2 ahead.&nbsp;</p> 
<p>On the other hand, if the token price fails to secure the $1.40 mark, a significant fall toward the $1.30 mark is likely.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/08/io-price-stagnates-near-1-70-can-it-plot-a-reversal-amid-downturn/">IO Price Stagnates Near $1.70: Can It Plot a Reversal Amid Downturn?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

IO Price Stagnates Near $1.70: Can It Plot a Reversal Amid Downturn?

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