ALT Price Prediction: Can ALT Retain Strength Amidst A Downturn?

By Thecoinrepublic.com
about 1 month ago
AI RES ALT DAILY

The ALT price trades near its crucial support zone of $0.4100 and is guiding a negative price action on the charts. For the past weeks, the token was traded in an uptrend and persisted in delivering the higher high swings. Recently, due to the market downturn, the token breached the trendline support zone of $0.4500 and displayed a trend reversal.

At press time, the Altlayer token (ALT) price traded at $0.4173 with an intraday drop of 4.02%, reflecting neutrality on the charts. It has a monthly return ratio of -130% and 745.10% on a yearly basis. The pair of ALT/BTC is at 0.00000632 BTC, and the market cap is $523.78 Million. Analysts are neutral and suggest that the ALT token price may retain strength and will retest the 50 day EMA mark shortly. 

ALT Price Volume Profile Analysis On Daily Chart

On the daily charts, the ALT token price trades below its key moving averages and showcases a retracement. Recently, sellers have succeeded in breaching the trendline of $0.4500 and pushed toward the demand zone of $0.4000. The intraday trading volume dropped over 4.29% to $58.49 Million.

Price Volatility & Weighted Sentiment Outlook

Amidst the range bound moves, the ALT crypto displays a decline in the price volatility curve this week. The price volatility curve noted a drop of over 78.90% to 0.011. However, the weighted sentiment looks neutral and stayed near the midline around -0.225.

Social Dominance & Social Volume AI Overview

Per the Santiment data, the social dominance data decreased by 7.40% to 0.0384%, replicating a negative outlook in the discussion reports. Likewise, the social volume AI data noted a negative stance and stayed in the downside trajectory around 2 mark.

Development Activity & Holders Data Insights

The development data witnessed a significant spike over 3.67% and hovers around the midline around 11.31, showing a neutral outlook. However, the total amount of holders data replicates stability and is sustained at the 177k mark.

Per the Fib levels, the ALT price has retested its 23.6% zone and rebounded from the lower bollinger band support zone. However, the RSI curve stayed in the oversold region, and a positive crossover was noted on the charts. 

The total supply of the ALT token is 10 Billion, whereas the volume-to-market cap ratio is 0.112, and it is ranked 143 in terms of market cap in the global crypto market.

Summary

Altlayer token price chart signifies neutrality and is hovering near its crucial demand zone around $0.4000. The price action showcased selling pressure and sellers are grabbing strength and are eyeing to breach the immediate support zone of $0.4000.

Technical Levels

Support Levels: $0.4000 and $0.3800

Resistance Levels: $0.4350 and $0.4500

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

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