1 ALT token price struggles to maintain the 20-day EMA level.
2 Buyers face resistance near $0.4300 and are working towards surpassing it.
The price of ALT is currently hovering around the critical support level of $0.4100, indicating a bearish trend in the market. While the token previously demonstrated an uptrend with consistent higher highs, it recently broke below the trendline support at $0.4500, signaling a reversal.
As of the current moment, the Altlayer token (ALT) is trading at $0.4173, experiencing a 4.02% intraday price drop, reflecting a neutral sentiment among investors. The monthly return stands at -130%, while the yearly return is at a significant 745.10%. The ALT/BTC pair is at 0.00000632 BTC, with a market capitalization of $523.78 million. Analysts suggest a potential retest of the 50-day EMA level in the near future.
ALT Price Volume Profile Analysis on Daily Chart
On the daily charts, ALT’s price is below key moving averages, indicating a retracement. Recent selling pressure led to a breach of the trendline at $0.4500, driving the price towards the demand zone at $0.4000. The intraday trading volume dropped by 4.29% to $58.49 million.
Price Volatility & Weighted Sentiment Outlook
Despite range-bound movements, there is a decrease in price volatility for ALT this week, with a drop of 78.90% to 0.011. The weighted sentiment remains neutral, hovering near the midline around -0.225.
Social Dominance & Social Volume AI Overview
According to Santiment data, social dominance has decreased by 7.40% to 0.0384%, reflecting a negative sentiment in discussions. Similarly, social volume AI data remains bearish, trending downward around the 2 mark.
Development Activity & Holders Data Insights
Development activity has seen a significant increase of 3.67%, indicating a neutral outlook, while the total number of holders remains stable at 177k.
Based on Fibonacci levels, ALT has tested the 23.6% zone and bounced back from the lower Bollinger Band support. The RSI is in oversold territory, with a positive crossover observed on the charts.
The total supply of ALT tokens is 10 billion, with a volume-to-market cap ratio of 0.112, ranking it 143rd in the global crypto market.
Summary
The ALT token price chart reflects a neutral stance, near the critical demand zone of $0.4000. Seller pressure is increasing, with a potential breach of the $0.4000 support level on the horizon.
Technical Levels
Support Levels: $0.4000 and $0.3800
Resistance Levels: $0.4350 and $0.4500
Disclaimer
The views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice.
Andrew Smith
Andrew is a blockchain developer with a passion for cryptocurrencies and a background in blockchain development. He combines his technical expertise with his writing skills to provide unique insights into blockchain concepts, programming languages, and token creation.
