The io.net price has surged 55% in the last 24 hours to trade at $6.28, on a 79% surge in trading volume to $1.9 billion. The surge, followed by an upbeat in investor sentiments after the token listed on Kucoin and Binance.
This surge has also helped the token increase its market capitalization to $599 million.
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io.net Price Surges on IO’s Launch on KuCoin and Binance
In a significant development for the cryptocurrency world, the IO token has made its debut on major exchanges, including KuCoin and Binance, as reported by Bankless Times. This launch is part of IO.Net’s mission to establish itself as the world’s most comprehensive decentralized computing network.
The platform promises to provide machine learning engineers with access to scalable distributed clusters at a fraction of the cost of traditional centralized services.
One of IO.Net’s key selling points is its provision of GPUs at exceptionally low costs. This strategic focus aligns with the projected growth of the GPU market, which is expected to soar to $395 billion by 2030. Renowned for its high-quality CPUs and robust GPU network, IO.Net is poised to enhance users’ computing capabilities shortly.
Introducing @ionet $IO on #Binance Launchpool!
Farm $IO by staking #BNB and $FDUSD.
➡️ https://t.co/uZ3DT31Ag2 pic.twitter.com/icww9Ux62G
— Binance (@binance) June 6, 2024
io.net Price As Bullish Pennant Signals Bull Rally Ahead
The price of IO has seen a notable upward movement, climbing from the $4.20 support level after a brief consolidation around the $3.65 range, reaching a resistance level of $6.45. This rise is driven by buyers, despite a tug-of-war between bulls and bears. The market dynamics have led to the formation of a bullish pennant, a pattern that often signals a bullish trend reversal.
IOSOL Analysis (Source: Dextools.io)
The price trades above the 50 and 21 simple moving averages, indicating positive momentum. The Relative Strength Index (RSI) has bounced back from an oversold level of 30, crossed the midpoint of 50, and surged to 56. This RSI movement reflects strong buying pressure for IO.
The Moving Average Convergence Divergence (MACD) indicator also supports this bullish outlook. It shows green bars, and a recent crossover above the signal line further reinforces the confidence in a potential price increase. The histogram is also positive as they turn green above the neutral position. Overall, these technical indicators suggest a positive trend for IO in the near term.
io.net Price Bulls Poised For A Bull Rally
The io.net price is on the brink of a significant bull rally. The bullish pennant pattern is boosting bullish momentum and pushing the price towards an all-time high of $6.45. Furthermore, the 50 SMA could help the bulls push the price above the pennant.
However, if the bears continue the correction, they could send the price to the $5.38 support level, coinciding with the lower boundary of the bullish pennant.200 SMA. Continued downward pressure may cause a further drop to the wedge’s upper trendline at $0.0007930.
With its innovative approach and strong value proposition, IO.Net has the potential to disrupt the existing market and redefine the landscape of decentralized computing.
Since its launch, investors have been highly investing in the io.net market. The maximum supply is 800 million IO Tokens. In March 2024, IO.Net successfully closed its Series A investment round, raising $30 million and achieving a valuation of $1 billion.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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