Crypto Market Pullback Following Strong Rally
Market Correction: The crypto market is experiencing a mild correction after a strong rally, with Bitcoin and Ethereum seeing slight declines of 0.7% and 0.4%, respectively, amid uncertainty regarding potential U.S. Federal Reserve rate cuts.
Altcoin Performance: Major altcoins faced losses, with tokens like Telcoin and Morpho dropping between 5% and 6%, while small-cap coins like XNY and Prime showed significant gains, highlighting a divergence in market performance.
Market Sentiment: The Fear & Greed Index indicates a state of fear among traders, sitting at 28, while the Altcoin Index reflects weak momentum at 19/100, suggesting caution in the market.
Liquidation and Volatility: Approximately $262 million in liquidations occurred across the market, indicating volatility that has affected leveraged traders, with expectations of continued choppy price action until more clarity from the Fed is provided.
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Technical Analysis for ALT
Technical Sentiment Analysis for Altlayer (ALT) As of , Altlayer (ALT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ALT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ALT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Altlayer (ALT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00321 | 0.00505 | 0.00706 | 0.0089 | 0.0109 | 0.0128 | 0.0148 |
| Fibonacci | 0.00505 | 0.00652 | 0.00743 | 0.0089 | 0.0104 | 0.0113 | 0.0128 |
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