- Altlayer crypto has less than 11% of its total supply in circulation.
- ALT crypto has high liquidity based on its market cap.
AltLayer is the utility token of the AltLayer protocol, enhancing Ethereum’s scalability through rollups. It offers economic stakes for security, governance voting rights, operator incentives, and network service payment.
Founded by Yaoqi Jia and supported by investors like Polychain Capital and Binance Labs, AltLayer aims for decentralized efficiency.
Altlayer crypto price has declined by 45% from its all-time high price of $0.6881. The crypto price currently trades at $0.3783 and has decreased by 8.7% in the last 24 hours.
The volume/market cap ratio of the Altlayer crypto is 11.52%, which makes it highly liquid, and the trading volume has also advanced by 25.9% in the last 24 hours.
The value of the traded volume in the last 24 hours is $48.032M, further followed by a market cap of $417.876M. Moreover, the crypto market cap ranking is 164th as per CoinMarketCap.
The circulating supply of the Altlayer crypto is 1.1B ALT, and the total and maximum supply of the crypto is the same, resulting in $3.791B. Also, the maximum supply of the crypto is $3.787B, and the market cap dominance of the crypto is 0.02%.
The crypto volatility is also high, which results in 17.52%. The crypto sentiment is bullish, and the fear and greed index is at 72, indicating greed among investors.
Altlayer Crypto Derivatives Analysis
The long/short ratio of the Altlayer crypto is 0.8632, and the derivatives trading volume of the crypto has advanced by 18.76%. This further has resulted in a traded value of $52.46M.
The long liquidation recorded for the crypto in the last 24 hours is $202.42K, much higher than the short liquidation of $4.43K. This further shows sellers’ crypto dominance and open interest, which have also been witnessed in the last 24 hours.
MVRV Ratio Vs. Price Of Altlayer
The crypto’s market value to realized value ratio has declined to particular lows, followed by the average of the last 30 days. This indicates that the crypto is undervalued, possibly giving an attractive buying opportunity.
ALT Crypto Technical Analysis
The ALT crypto slowly advanced to higher levels, followed by the formation of a rising wedge pattern. The crypto price failed to sustain itself at higher levels and broke below the pattern. The crypto price further creates a lower pattern on the charts.
The crypto price might continue to decline to lower levels and hit the support levels.
ALT/USD Chart by TradingView
The technical indicators also support a decline in the trading price of the crypto as the price has declined below the 20-day and the 50-day EMA. Also, the EMAs are trading in a bearish cross.
The MACD indicator also gives a sell signal as the MACD and the signal line are trading in a bearish cross and have declined below the zero level.
The RSI indicator further overlaps the 14-day SMA and is declining towards the lower level, indicating bearish momentum in the crypto price.
Summary
AltLayer crypto faces seller dominance, with a decline of 45% from its ATH, trading at $0.3783. Despite high liquidity, its circulating supply is low. Technical analysis suggests a continuation of the decline, supported by indicators like MACD and RSI, signaling bearish momentum.
Technical Levels:
- Support levels: $0.10340 and $0.2950
- Resistance levels: $0.6420 and $0.7360
Disclaimer
This article is for informational purposes only and does not provide any 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.