Introduction to IO.NET
IO.NET is a decentralized AI computing and cloud platform that aggregates GPU supply from underutilized sources. IO.NET creates a network that allows machine learning (ML) startups to access nearly unlimited computing power at a fraction of the cost of traditional cloud solutions. The current market capitalization of IO.NET is $480 million. The IO token has been listed on Binance since June 11, 2024.
Technical Analysis of $IO
1-Hour Chart: Since IO has been listed on June 11 at 14:00, we are using the 1-hour chart to have enough candlesticks for a meaningful technical analysis.
Key Points:
High and Low Points: The highest point was reached on June 12, and the lowest point on June 11.
Fibonacci Retracement: Used to identify potential support and resistance levels.
Current Support: A support level seems to be forming around 4.725.
Indicators and Observations
Ichimoku:
The Tenkan line is attempting to cross above the Kijun line, which would be a bullish signal.
RSI:
The RSI is in a descending trend from the overbought zone, indicating that selling is occurring and the price of the asset is decreasing as a result.
Upward Trend Line:
An upward trend line has been drawn, but it is currently only confirmed by two points.
Support Levels to Watch
4.725: A key support level to monitor.
0.618 and 0.786 Fibonacci Levels: Observe if these retracement levels hold as support.
Conclusion
A potential entry point could be considered once the RSI has finished its downward phase on the 1-hour chart. The 4-hour charts currently do not provide enough data to be reliably used. It is crucial to monitor the mentioned support levels to confirm a less risky entry point.
