AltLayer Price Likely to Experience Volatility with Upcoming $115 Million Token Release

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As an experienced financial analyst with a background in cryptocurrency and blockchain technology, I’ve witnessed numerous market fluctuations throughout my career. The recent decline of AltLayer (ALT) from its all-time high to the current price is particularly concerning, given the broader bearish market trend.

Open and decentralized protocol AltLayer for rollups has experienced a notable drop in value over the last 24 hours. Currently, the altcoin hovers just below the $0.15 support price, reflecting a wider bearish market trend. In U.S. trading sessions, AltLayer’s price stands at $0.1325, representing a 7.99% decrease.

The trading activity for the past 24 hours has seen a significant increase of 21%, resulting in a total volume of $36 million. As per CoinMarketCap’s latest update, AltLayer’s market capitalization has dropped by 8% to a current value of $145 million, indicative of investor uncertainty amidst the unstable market conditions.

AltLayer Price Dips Below Key Support Level Amid Market Uncertainty

Over the past week, Altlayer (ALT) has experienced a notable decrease of approximately 11.41% in value. Currently, the cryptocurrency is trending downward and exhibiting limited price swings between $0.1274 and $0.1464 within the last 24 hours.

Starting from its record-breaking price of $0.6881 in March 2024, the token has experienced a significant drop, shrinking by approximately 80%. This recent slump in value is indicative of the market’s instability and ongoing difficulties within the cryptocurrency sector.

The value of Altlayer (ALT) cryptocurrency has dropped substantially over the past month, losing approximately 31% of its worth. This decline reached a new low point on July 8, 2024, when the price hit $0.1138 – a figure last seen just 18 days ago.

Potential Price Scenarios for ALT Amid Market Volatility

In a bearish market, AltLayer has seen a significant drop in value. If this downward trend continues, it’s expected that the token’s price will eventually settle around the $0.13 mark.

If the market worsens, there’s a possibility that its value may plummet to as low as $0.12. In a more drastic scenario, the price could even sink to $0.1.

If investor confidence grows, it could spark a bullish trend for ALT. A shift in market sentiment may cause AltLayer to surpass the $0.15 resistance point. Proceeding along this course, the cryptocurrency might reach $0.2 and potentially aim for a peak of $0.5 in the near term.

Upcoming $115M Token Unlock to Test ALT Stability

Based on forthcoming data from an imminent unlocking event, I anticipate that the cryptocurrency market will undergo notable fluctuations upon the planned discharge of approximately $115 million in tokens.

At 10:00 AM UTC on January 25, 2025, the lock-up will be broken, releasing 240.10 million ALT tokens into the market. This equates to approximately 10.39% of the current token supply, fueling apprehension among investors regarding potential price fluctuations.

As a researcher examining the current data, I’ve discovered that merely a quarter (23%) of the entire token supply has been released into circulation so far. The remaining 76.89% is still locked up. This gradual unlocking strategy could potentially contribute to stability. However, the significant volume of tokens yet to be released gives rise to uncertainties.

Technical Indicators Show Bearish Trends for ALT

Based on the technical analysis of AtlLayer’s daily indicators, the market is likely to continue its downward trend. The MACD indicator, specifically, displays a convergence of the MACD and signal lines, signaling that the bearish momentum could be weakening.

AltLayer Price Likely to Experience Volatility with Upcoming $115 Million Token Release

The RSI value of around 37.14 suggests the market is getting close to being oversold, but it hasn’t yet reached a definitive point for signaling a turnaround. This figure indicates that the market may be approaching oversold territory.

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2024-07-25 21:35