ALT Technical Analysis
The price of the coin is trading within a narrowing triangle formation, the upper border of which is around the range between $0.0388–$0.0398. This range also acts as the upper border of the triangle and a strong horizontal resistance. We have an intermediate support level of $0.0345, and the main support levels are $0.0311 and $0.0299 below.
When the price breaks above the level of $0.0398, then we can consider the triangle formation complete to the upside, and the first price target will be the level of $0.0447. If this level also gets broken with strong momentum, the technical middle-term target will be the level of $0.0539.
Unless this triangle pattern is invalidated, the price could fluctuate between support and resistance levels. However, if the price starts trading below the level of $0.0299, the triangle formation will be ruined, and we could test the price level of $0.0266 again.
Key Levels:
- Resistance: $0.0388–$0.0398
- Support: $0.0345 → $0.0311 → $0.0299
- Formation breakout target: $0.0539
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, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
