AltLayer Price Prediction: ALT Nosedives 10% as Sellers Show No Signs of Slowing Down

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The AltLayer price plummeted more than 10% over the past 24 hours to trade at $0.3312 at press time.

The AltLayer Price May Continue to Drop

1-hour chart for ALT/USDT (Source: TradingView)

The AltLayer price has been in a negative sequence over the past couple of hours. On the hourly chart, ALT has printed a number of lower lows and lower highs, resulting in the formation of a negative price channel.

Should this bearish momentum continue, the AltLayer price may soon retest the $0.32520 support level. Continued sell pressure at this point could then bring the crypto’s value down to as low as $0.30845 within the following 24 hours.

This bearish thesis could be invalidated if ALT manages to close an hourly candle above the upper barrier of the current negative channel. In this alternative scenario, the AltLayer price may attempt to flip the resistance level at $0.33965 back into support. This could then clear a path for the crypto to continue climbing. If buyers pounce on the opportunity, ALT could rise to as high as $0.34985 in the short term.

Sellers Show No Signs of Slowing Down

Technical indicators on ALT’s 1-hour chart are currently flagging bearish, which suggests that the AltLayer price may continue to fall in the upcoming hours. The Moving Average Convergence Divergence (MACD) shows that ALT is in a negative cycle that shows no signs of slowing down. This is evident by the MACD line breaking away below the MACD Signal line. In addition to this, the Relative Strength Index (RSI) shows that sellers are growing stronger against buyers. The RSI line breaking away below its Simple Moving Average (SMA) line signals this.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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