While the cryptocurrency market experienced a calm period over the weekend with low trading volume and volatility, Bitcoin is trading at $41,881 with a 0.80% decrease. However, Alpha Venture DAO’s native token ALPHA attracted attention with a 39% increase in the last 24 hours. What does the price chart analysis of ALPHA indicate?
The first notable formation in the ALPHA/USDT pair since February has been the formation of a descending channel. In this formation, despite the resistance levels being broken, the daily bars remained as wicks because they did not close. After touching the support line in October, ALPHA successfully broke the resistance line today with significant volume.
The important support levels to follow on the daily ALPHA chart are, in order; $0.1460, $0.1244, and $0.1050. Particularly, a daily bar closing below the $0.1244 level, which intersects with the formation resistance line, could create selling pressure for ALPHA.
The important resistance levels to follow on the ALPHA chart are, in order; $0.1644, $0.1832, and $0.2208. A bar closing above the $0.2208 level, which was a significant resistance point during the rise in May, will accelerate the price momentum of ALPHA.
In the ALPHA/BTC chart, the formation that has been apparent since February is also the formation of a descending channel. In this formation, only one daily bar managed to close above the resistance line, and this move resulted in a bull trap. The important support levels for ALPHA are, in order; 0.00000330, 0.00000303, and 0.00000265 BTC. Especially, a daily bar closing below the 0.00000265 BTC level could lead to selling pressure for ALPHA.