AltLayer (ALT) Has Broken Out of the Descending Channel
As it is clearly seen on the ALT chart, the price of the coin has broken the descending channel within which it has been trading for some time with a great momentum caused by the news of the UpBit listing. With this momentum, the price increased more than 100% in a few hours. This upward breakout of the price could be interpreted as a trend shift on the chart as the descending channel has been broken with a great volume and the pattern has turned to positive. We understand that buyers are now more dominant since the strong resistance zone $0.03145–$0.03258 has been exceeded.
The coin is now trading around the level of $0.03764 after the breakout of the channel. Should the price hold around this level, we can say that initial targets could be $0.03967–$0.04109 and later $0.04481 in case of upward movements. Moreover, we can expect the price to go up more if it remains above the level of $0.0410.
It is safe to say that the first support area would be $0.03595 in case of downward pullbacks. If the price goes below this support area, it is possible that we will see a test to the upper band of the broken channel and a retest to the level of $0.03258. However, technically speaking, the chart structure is positive for the time being. When we assess the descending channel breakout, resistance reversals, and bullish pattern together, new highs in the price are promising.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
