Key Takeaways
- ALT price doubled, jumping from $0.025 to $0.050, its highest level since March, following a listing on South Korea’s Upbit.
- The surge helped ALT break out of a months-long descending channel, reversing the bearish trend that led to its all-time low.
- Trading volume exploded from under $10 million to over $200 million, suggesting strong market interest in ALT.
ALT, the native token of the open and decentralized protocol AltLayer, surged by 100% following its listing on South Korea’s leading exchange, Upbit.
Just a day ago, ALT’s price was trading at $0.025. But today, the token has doubled in value to $0.050, marking a three-month high and its highest price since early March.
Here’s a breakdown of how it happened and what might lie ahead for Altlayer’s price.
AltLayer Leaps Higher
ALT’s price had been in a descending channel on the daily chart since December. This bearish pattern eventually pushed the token to an all-time low on April 7.
However, the trend shifted following today’s Altlayer Upbit listing , which was paired with USDT and the Korean Won (KRW). Following the development, ALT’s price broke above the upper boundary of the descending channel.
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Amid the price surge, the Relative Strength Index (RSI) has climbed to 74.46. The RSI is a momentum indicator that gauges whether an asset is overbought or oversold.
Readings below 30 suggest an asset is oversold and may be due for a rebound. In contrast, readings above 70 indicate overbought conditions — a signal that a potential correction could be close.
However, the Chaikin Money Flow (CMF) is on the verge of breaking above the zero line, indicating increasing buying pressure. This Altlayer Upbit listing could drive the cryptocurrency’s value higher if sustained.
Market Remains Hyped
In that case, ALT might attempt to test the upper resistance near $0.083, potentially marking a new local high.
Like other recent Upbit listings, the development triggered a spike in the altcoin’s volume. For instance, AltLayer’s volume was less than $10 million earlier in the day.
As of this writing, it has increased above $200 million, indicating rising market interest in the cryptocurrency. The rising trading volume could add upward pressure to the ALT’s price uptrend if this trend remains the same.
ALT Price Analysis: Higher Highs
Zooming into the 4-hour ALT/USD chart, the Awesome Oscillator (AO) has climbed into positive territory, indicating rising bullish momentum.
Additionally, the Money Flow Index (MFI) has spiked, indicating a surge in capital inflow into the ALT token.
If this trend continues, ALT’s price could rise to $0.054. In a highly bullish scenario, the cryptocurrency might even rally toward $0.063.
However, given the overbought conditions, increased profit-taking could invalidate this forecast. Should that occur, ALT’s price may retrace toward $0.039.
In a highly bearish scenario, the cryptocurrency’s value might decline to $0.0032
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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