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The crypto market is experiencing another one of its volume-less and low volatility weekends. Bitcoin continues to trade at $41,881, marking a 0.80% decrease in the last 24 hours at the time of writing, while an altcoin has managed to make a significant impact today. ALPHA, the native token of Alpha Venture DAO, has achieved a 39% increase in the last 24 hours. So, what do the charts indicate for ALPHA? Let’s examine together.
ALPHA Price Chart Analysis
The first notable pattern in the ALPHA/USDT pair, which has continued since February, is the descending channel formation. Although there have been several resistance breakouts in this pattern, they have remained as wicks since they could not close the daily bar. ALPHA, which touched the support line in October, has successfully broken the resistance line today with substantial volume.
The most important support levels to watch on the daily ALPHA chart are, respectively; $0.1460, $0.1244, and $0.1050. In particular, a daily bar close below the $0.1244 level, which intersects with the formation resistance line, could create selling pressure for ALPHA.
The most important resistance levels to be noted on the ALPHA chart are, respectively; $0.1644, $0.1832, and $0.2208. In particular, a bar close above the significant resistance level of $0.2208, which served as a major resistance during the rise in May, will accelerate the momentum of ALPHA’s price.
ALPHA/BTC Price Chart Analysis
The first standout pattern in the daily ALPHA/BTC chart since February is the descending channel formation. In this pattern, only one daily bar managed to close above the resistance line, and this movement ended up being merely a bull trap. The rise on December 17, which saw both the breaking of the resistance line and the surpassing of the EMA 200 level, will contribute to ALPHA’s price gaining momentum.
The most important support levels to consider on the ALPHA/BTC chart are, respectively; 0.00000330, 0.00000303, and 0.00000265. Particularly, a daily bar close below the 0.00000265 level could lead to selling pressure for ALPHA.
The most important resistance levels to follow on the ALPHA/BTC chart are, respectively; 0.00000385, 0.00000427, and 0.00000483. Especially, a daily bar close above the 0.00000427 level will be a significant momentum driver for ALPHA.
