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The AltLayer price pumped more than 3% over the past 24 hours to trade at $0.4008 at press time.
The AltLayer Price Rejected by Major Resistance
4-hour chart for ALT/USDT (Source: TradingView)
The AltLayer price rebounded off of the $0.38095 support level and climbed to the $0.42065 barrier in the following 24 hours. It tried to overcome this level, but was unable to close a 4-hour candle above the mark. As a result, the crypto retraced over the past 12 hours. Despite the correction, a positive trend line has still emerged on the crypto’s 4-hour chart.
Should ALT bounce off of the trend line in the next 12 hours, it may attempt another challenge at the $0.42065 resistance level. A 4-hour candle close above this threshold could then give the altcoin the foundation needed to rise to the subsequent barrier at $0.44165 in the following couple of days.
This bullish thesis could be invalidated if the AltLayer price breaks below the positive trend line. In this alternative scenario, the crypto may retest the $0.38095 support level. A break below this key level could put ALT at risk of dropping to $0.35675 in the short term.
Technicals Hint at a Potential Bullish Move
Technical indicators on ALT’s 4-hour chart are leaning slightly more towards a bullish move. The Moving Average Convergence Divergence (MACD) line is at the same level as the MACD Signal line. The prior breaking above the latter may signal that the AltLayer price has entered into a short-term positive trend. The MACD line breaking away below the MACD Signal line, on the other hand, could signal that the altcoin has entered a bearish trend.
Meanwhile, the Relative Strength Index (RSI) line is positioned below its Simple Moving Average (SMA) line. This is generally seen as a sign that sellers are stronger than buyers. However, the RSI line is positively sloped and closing in on the SMA line. A cross between these two technical indicators in the next 24 hours could signal that bulls have gained the upper hand.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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