- Altlayer token price stays in the selling territory and falls toward a support level.
- A bearish crossover has been generated between the 20-day and 50-day EMAs.
In February and March, the ALT price rose by reaching a new swing high. In the last week of March, the price approached the $0.900 hurdle and fell by 24% in 10 days. Moreover, it tried again to exceed the previous swing high but couldn’t.
In mid-April, the price exceeded the key moving averages. However, it failed to sustain, and buyers lost momentum, resulting in a sharp fall of 50% in just 4 days.
The $0.450 level has been working as a support level for the past few months but has recently flipped to the resistance level. The digital asset price has recently faced resistance from the $0.450 mark and is down by 30% in a week.
ALT price is below the key moving averages, showcasing a bearish forecast. MACD is steadily forming red histograms and MACD lines, and the signal line was below the zero line, indicating the sellers’ domination.
Social Dominance Has Rapidly Surged, But Social Volume Hasn’t
In the past few hours, social dominance has pumped from 0.449% to 1.35%, showing that engagement has increased on social media like Instagram, X (formerly Twitter), and Telegram. Social dominance is not supported by social volume, which is a drawback. If the social volume increases, then it may favor buying pressure.
Will Altlayer Crypto Price Defend The $0.300 Mark?
In a broader time frame, the asset price has been bullish, but bears seem to be strong in the short term. The price has been negative in the last week of April and is heading for the $0.300 hurdle.
Suppose the Altlater token price falls to the $0.300 mark and triggers a breakdown after a consolidation phase, and then the price continues to fall in the short term. Sellers may look for the all-time low if the chart structure favors the bearish sentiment.
On the other hand, if the digital asset price takes support and forms a bullish candlestick pattern, it may approach the key moving averages. Suppose the trading volume supports this buying momentum and exceeds the 50-day EMA, and then a trend reversal momentum can be expected.
ALT Price Technical Analysis Over 4-H Timeframe
At the time of writing, the ALT price has traded at $0.320, down by 5.01% in the last 24 hours. The market capitalization is $361.06 Million, and the 24-hour trading volume is $62.97 Million.
In a 4-H time frame, the Altlayer price has triggered a breakdown from a parallel channel after the consolidation. Suppose the buyers become active, trading volume increases, and the price may return to the channel.
If the buyers fail to take over the trend, the price may decline. Below the $0.300 level, it may be more difficult for the buyers to bounce back.
Conclusion
Based on the technical analysis, the Altlayer token price seems to be in a bearish trend. Buyers may face difficulty in bouncing back above the $0.450 resistance level.
Social dominance has increased recently, but lacking social volume support is a drawback. Sellers may look for an all-time low if the price falls below the $0.300 mark and triggers a breakdown.
Technical Levels
Resistance Levels: $0.450 & $0.670
Support Levels: $0.300 & $0.200
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.