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The AIOZ Network price surge is showing no signs of ending as demand for artificial intelligence (AI) assets continues rising. The token surged to a high of $0.7536 on Saturday after rising for five straight days. This rally has brought its total market cap to over $732 million.
AI tokens are soaring
AIOZ Network token has jumped sharply in line with the performance of other AI assets. In the stock market, AI assets like Soundhound, Nvidia, and Palantir Technologies have all surged to their all-time high.
The same is happening in the cryptocurrencies market, where tokens like Fetch AI, Numbers Protocol, and SingularityNET have led the crypto rally. As a result, data shows that all AI tokens have a market cap of over $27 billion.
AIOZ Network is a blockchain network that offers Artificial Intelligence, storage, and streaming solutions. It will soon offer a decentralised AI computing ecosystem that enables developers to train AI models, store datasets, create applications, and monetise AI.
1/5 🧵
— AIOZ Network (@AIOZNetwork) February 2, 2024
The upcoming @AIOZNetwork Node V3 upgrade will power the web3 of AI.
This thread details how👇🏻
Over 62,000 edge nodes will collaborate seamlessly to execute AI computing tasks, particularly inference tasks.
This Node upgrade represents a significant leap toward a future… pic.twitter.com/H8q6iplq0R
It also has a storage feature similar to Filecoin and Siacoin that enable developers, businesses, and individuals to store their files in a decentralised manner. Users can also share their storage and get rewarded with the AIOZ token.
Therefore, the AIOZ token price is rising as day traders continue pumping AI tokens and other assets. This is simply because a sense of Fear of Missing Out (FOMO) has moved to the market as the crypto fear and greed index has risen.
The rally is also in line with the performance of the broad crypto market as most coins like Bitcoin, Ethereum, and Solana have jumped. In most cases, cryptocurrencies tend to move in sync with each other.
AIOZ Network price forecast
AIOZ chart by TradingView
The daily chart shows that the AIOZ token price has gone parabolic in the past few days. It has moved above 192% above the 50-day moving average. Further, the coin has gotten highly overbought, with the Relative Strength Index (RSI) sitting at 84 and the Stochastic Oscillator moving to almost 100.
The fact that it is overbought is a sign that the token has high momentum. However, it is also a sign that it could retreat in the coming days as some investors start to take profits. If this happens, it could drop and retest the support at $0.50.
More AIOZ Network gains will be confirmed if Bitcoin recovers and rises above the $70,000 mark, which is highly likely.
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