Is The Launch Of IO Not As Successful As Their Whales Imagined?

IO has a market cap of $496 Million and is currently ranked 132nd in the cryptoverse. The volume of the asset price has observed a decline of over 52% in the intraday session. The VM ratio of the 1.8 suggests bearish momentum in the price. IO price is currently trading near the value of $5.25 with a drop of 13% in the past 24 hours.
As per the hourly chart of the IO it is forming strong bullish candles. It is trading above the 50 EMA on the 4 hour chart. The upside trend of the IO token price can see a halt near the value of $6.5. Meanwhile the support of the token price can be seen near $4.8