AltLayer Price Prediction: ALT at Risk of Testing Support Soon if Bulls Don’t Step in Soon

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The AltLayer price jumped more than 2% over the past 24 hours to trade at $0.3948 at press time.

AltLayer Price dropping to support

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

The AltLayer price broke below the middle level of a medium-term positive price channel and may be at risk of retesting the immediate support at $0.38095 in the next 24 hours. Continued sell pressure may then force the altcoin below the price channel, which will expose ALT to the risk of falling to $0.35675 in the following few days. In an extremely bearish scenario, the AltLayer price may drop to as low as $0.33965 in the short term.

This bearish thesis may be invalidated if ALT rebounds from the $0.38095 support level in the next 24 hours. In this alternative scenario, the AltLayer price may attempt a challenge at the $0.42065 resistance level.

Technicals Suggest ALT Could Drop More

Technicals indicators on ALT’s 4-hour chart suggest the AltLayer price may drop in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.

The MACD line is dropping towards the MACD Signal line. This may be an early indication of ALT’s bullish trend coming to an end. In addition to this, the RSI is looking to cross below its Simple Moving Average (SMA) line. An intersection between these two lines could be a sign that sellers have gained the upper hand against buyers. As a result, it may be easier for bears to pull the AltLayer price down in the next 24 hours than it will be for bulls to boost it higher during this 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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