AltLayer Price Prediction: ALT Attempts to Recover but It Will Need to Overcome Technical Obstacles First

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The AltLayer price slipped slightly over the past 24 hours to trade at $0.3039 at press time.

The AltLayer Price Begins to Climb

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

The AltLayer price has started the day on a good note and printed a couple of higher highs and higher lows over the past 24 hours, resulting in the formation of a bullish price channel. Should this positive momentum continue, ALT may soon break above the $0.32520 resistance level. This will subsequently result in the crypto exiting the consolidation channel between $0.29395 and $0.32520 it has been trading in for the past couple of days.

Rising out of this sideways channel could give the AltLayer price the foundation needed to rise to the subsequent barrier at $0.33965 in the following 24 hours. A 4-hour candle close above this significant price point may then lead to ALT continuing its climb to potentially reach as high as $0.35675. This bullish thesis may be invalidated if ALT breaks below the positive price channel that has recently formed. In this alternative scenario, the crypto could fall to $0.29395.

ALT May Drop Soon

Technical indicators on ALT’s 4-hour chart suggest the AltLayer price may correct in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish. The gradient of the MACD Histogram is negative, which may be an early sign that ALT will enter into a negative cycle soon.

In addition to this, the RSI line is looking to cross below the Simple Moving Average (SMA) line. An intersection of these two lines will trigger a significant bearish technical flag. This may then signal that sellers have gained an upper hand against buyers. As a result, it would subsequently be easier for bears to pull ALT down in the next few days than it will be for bulls to boost it during the same period.

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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