Altlayer’s Native Token, Alt, registered a sharp rally on Monday 16 June and formed a remarkable breakout candle prior to the list of the leading exchange of South Korea, Upbit.
According to data from crypto.news, Altlayer (Alt) rose by 104% Intraday and reached a highlight of $ 0.051 before he withdrew to $ 0.033 at the time of the press. Despite the pullback, Alt remained 35%in the day, with its market capitalization at around $ 117 million, which marks the highest rating since the beginning of February.
Alt got a grip after one offer On Upbit, a Tier-1 crypto exchange in South Korea.
Lists at important centralized stock markets often stimulate price rating in the short term as they expand access to the liquidity and reach of investors. However, such rallies induced by mention can also be short -lived, because early participants often hold profits once the news is priced.
In particular, the UPBIT announcement was received with aggressive whale accumulation. As marked The Korean market commentator Yoonseok bought one whale of 1.6 million Alt -Tokens shortly after the news news broke out. Another whale Reportedly Bought 2.93 million Alt at an average price of $ 0.04.
Such large entry are often interpreted by investors such as Bullish signals, which reinforce upward price momentum.
Speculative appetite was also clear at the derivatives market, with Coinglass facts An increase of 383% in open interest for alt -fautures show, with the long/short ratio above 1. This means that traders mainly took long positions in the hope of further price rating.
At the same time, Onchain data from Santiment reported a sharp rise in daily active addresses, climbing from only 110 to more than 10,500 in the past two days. The peak in user activity was accompanied by a positive shift in weighted social sentiment and a remarkable increase in Google -Zoezrends, indicating a broader involvement of the retail trade.
Alt -price analysis
On the USDT graph of 4 hours, both the MACD and the RSI indicators are higher, which indicates the strengthening of Bullish Momentum.
Price promotion also shows that Alt stays above both the EMA of 50 periods and 100 periods, with the 50-day EMA that has recently crossed above the 100-day EMA, a bullish crossover that is typically interpreted as a signal for trend forent.
Alt is currently floating above the support level of $ 0.031, which closely matches the High of May of $ 0.044, now acts as a reference support zone.
If Token manages to return from the current level and retain the Bullish Momentum, a potential switch to $ 0.055 is likely, an increase of approximately 66% compared to the current price level.
Conversely, if the price was under the immediate support at $ 0.031, the next key level to watch would be around $ 0.023, which marked a local low point on 13 June. A decrease to this level would indicate a weakening of the Bullish sentiment in the short term and can put further downward pressure.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
