ALT Attempts Recovery but Will Need to Overcome Obstacles First

ALTUSDT 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.