Telegram Coin PAAL AI Enters Opportunity Zone After Noting a 28% Rise
beincrypto.com 06 August 2024 08:25, UTC Telegram coin PAAL AI (PAAL) marked a surprising move over the last 24 hours, whiplashing during a bearish market.
This volatility did bring some benefits for the altcoin as PAAL holders noted a return to the network, which could trigger recovery.
PAAL AI Investors Might Accumulate
PAAL’s price has noted a considerable recovery of 28% over the last 24 hours, which has driven many investors to jump back into participating in the network. As a result, active addresses registered a 36% increase, reaching a three-month high.
These investors have exhibited a tendency to conduct transactions on the network around the beginning of rallies or when profits are high. Since the latter is not the case, it could be possible that the Telegram coin is looking at a recovery rally.
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This would make accumulation a smart choice at the current prices, as indicated by the Market Value to Realized Value (MVRV) ratio, which assesses investor profit and loss.
Currently, PAAL AI’s 30-day MVRV stands at 10%, indicating losses and possible buying pressure. Historically, PAAL MVRV between -8% and -18% usually signals the start of recoveries or rallies. This makes it a good area for accumulation and is labeled as an opportunity zone.
Thus, if these conditions impact the price, PAAL AI could see a recovery.
PAAL Price Prediction: Supply Might Meet Demand
PAAL’s price has been witnessing bullishness despite the broader market’s bearish conditions. Evidence of this can be seen in yesterday’s intra-day high when the Telegram coin noted a 94% rise.
Furthermore, in the last 24 hours, the altcoin has already marked a 28% rise, changing hands at $0.218. PAAL is presently attempting to flip the resistance at $0.218 into support after bouncing from $0.172. This could enable further recovery, pushing the altcoin back above $0.300.
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However, the Telegram coin had noted recovery within $0.218 and $0.172 in early July. A failed breach could result in a similar outcome, albeit for the short term, invalidating the bullish thesis.
