AltLayer (ALT) has shown promising price movement, indicating a potential bullish reversal. Currently trading at around $0.13377, ALT has experienced a 7.20% increase after a prolonged downtrend. The chart shows a double-bottom pattern, a classic signal for a reversal, suggesting upward momentum.

The $0.16 resistance level is a crucial point for ALT's price action. This level aligns with the neckline of the double-bottom pattern and has historically posed challenges for ALT. A breakout above this level could lead to significant buying pressure.

Fibonacci retracement levels also support these targets. The first target is $0.215, corresponding to the 50% retracement level, while the second target is $0.284, aligning with the 61.8% retracement level.

The extended bullish scenario identifies $0.42 as a critical target, which coincides with the 78.6% Fibonacci retracement level, suggesting strong upside potential. The price structure also indicates support near $0.10, where buyers have historically been active.

The consolidation phase below resistance suggests a build-up of momentum, and a breakout above $0.16 could open the door to these targets. Volume data could offer confirmation of momentum, but the analysis primarily focuses on price structure and resistance levels. The reaction at the neckline resistance will likely determine the short-term direction, and ALT's path to $0.42 depends on sustained bullish momentum and overcoming key resistance zones.



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