This weekend in the crypto market, which is feeling low volume and nowhere near as much volatility as usual, Bitcoin changes hands at $41881–down 0.80% from a day before. In all this, an altcoin much in the spotlight is ALPHA. The native token of Alpha Venture DAO posted a 39 % rise over that timeframe alone. Let’s look at the charts to see where ALPHA is heading.
Analyzing ALPHA’s Price Movements
Since February the ALPHA/USDT pair has been forming a descending channel. While in this pattern there have occasionally been breaks above resistance, these have not succeeded in being sustained. They are just wicks without a daily bar close. In October, ALPHA touched the support line. Last week it has broken out through resistance with a large volume of trading.
On the daily ALPHA chart, there are three important support levels at $ 0.1460, $ 0.1244 and $ 0.1 There is likely to be a close below $0.1244, which will meet the formation resistance line; this could affect ALPHA’s selling pressure.
On the ALPHA chart, resistance levels at $0.1644, $ 0.1832 and US$ 0.2208 are worth noting A close above the key $0.2208 level, which formed a major resistance during May’s run-up, is likely to further spur on ALPHA’S trajectory.
ALPHA/BTC Pair: A Detailed Look
The descending channel pattern has been in evidence since February in the ALPHA/BTC chart. Despite this setup, only one daily bar has subsequently closed above the resistance line. It turned out to be a bull trap in practice. December 17 rise, which included penetrating the resistance line and crossing EMA 200 level, implies that ALPHA’s trend is on an upward trajectory.
The most critical support levels on the ALPHA/BTC chart are 0.00033, 6-, and 2- – respectively. A close below 0.00265 cents would create selling pressure. Weak resistance levels to look for are 0.000385, 627 and especially at the level of May opensite Using social bookmarks
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrencies are volatile and carry significant risks. Investors should do their own research before making any decision.