- AltLayer’s price chart suggests a bullish reversal, with $0.16 serving as a crucial resistance level for upward momentum.
- AltLayer has identified three key targets: $0.215, $0.284, and $0.42, supported by Fibonacci levels and a double-bottom pattern.
- AltLayer’s price consolidation below $0.16 indicates momentum building. A breakout could push the price toward $0.42 in a bullish scenario.
AltLayer (ALT) has captured attention with its promising price chart, signaling a potential bullish reversal. Currently trading near $0.13377, ALT has gained 7.20% after a prolonged downtrend. The chart reveals a double-bottom pattern, a classic reversal structure, pointing to possible upward momentum.
Key Resistance at $0.16: A Crucial Barrier
The $0.16 resistance level stands as a pivotal decision point for ALT’s price action. This horizontal resistance aligns with the neckline of the double-bottom pattern. Historically, ALT has faced multiple rejections at this level, underscoring its significance. A breakout here could trigger substantial buying pressure.
Furthermore, Fibonacci retracement levels reinforce these targets. The first target, $0.215, corresponds to the 50% retracement level, an essential milestone. Moreover, the second target, $0.284, aligns with the 61.8% retracement level, where price reactions often occur.
Source: CryptoBullet
Bullish Scenario with $0.42 in Sight
The extended bullish scenario identifies $0.42 as a critical target. This level coincides with the 78.6% Fibonacci retracement, indicating strong upside potential. Besides, the price structure shows curved lines, highlighting support near $0.10, where buyers historically dominated.
Significantly, the consolidation phase below resistance suggests a build-up of momentum. Consequently, a decisive breakout above $0.16 could open the door to these targets. Buyers appear poised to seize opportunities as the market builds strength.
Market Sentiment Hinges on Breakout
Additionally, volume data could offer further confirmation of momentum. However, the analysis focuses on price structure and resistance levels. The reaction at the neckline resistance will likely dictate the short-term direction. Moreover, the market’s consolidation indicates that traders are watching the critical levels. ALT’s path to $0.42 depends on sustained bullish momentum and overcoming key resistance zones.
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