AltLayer Price Prediction: ALT Slips 1% as It Drops Out of a Bullish Channel

The AltLayer price dropped more than 1% over the past 24 hours to trade at $0.3401 at press time.

The AltLayer Price Breaks Out of a Bullish Channel

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

The AltLayer price recently broke out of a short-term bullish price channel. As a result, ALT is testing the key support level at $0.33965. Should it close a 4-hour candle below this significant price point in the next 24 hours, it could be at risk of falling to the subsequent support level at $0.32520 in the next couple of days. Continued sell pressure at this point could put the crypto at risk of falling back into the consolidation channel between $0.29395 and $0.32520.

This bearish thesis may be invalidated if the AltLayer price closes 2 consecutive 4-hour candles above $0.33965 in the next 24 hours. In this alternative scenario, ALT could attempt to challenge the $0.35675 in the short term.

Technical indicators on ALT’s 4-hour chart suggest the AltLayer price may undergo a brief correction 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 undergoing a bearish reversal. In addition to this, the RSI is closing in on the Simple Moving Average (SMA) line. Traders generally identify this as a sign that buyers are losing their strength against sellers. An intersection between these two lines will trigger a significant bearish technical flag, which could indicate that bears have gained the upper hand against bulls on ALT’s 4-hour chart.

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.

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