$ ALPH | How do I expect to see Alephium in coming weeksGATEIO:ALPHUSDT :
Here with another speculation about crypto assets. This time Alephium coin with ALPH ticker. Let’s take a look at the project’s information:
Alephium (ALPH) stands out as a sharded Layer 1 blockchain that integrates a powerful virtual machine, optimized for DeFi and smart contract applications. Unlike traditional blockchains, Alephium employs sharding to enhance scalability, enabling the network to handle a higher volume of transactions efficiently. This sharding mechanism divides the blockchain into smaller, manageable segments, allowing parallel processing and reducing congestion.
The platform introduces Proof of Less Work (PoLW), a novel consensus mechanism that combines physical work and coin economics to dynamically adjust mining difficulty. This approach significantly reduces energy consumption, using only 1/8 of the energy required by Bitcoin under similar network conditions. This makes Alephium a more sustainable option in the blockchain ecosystem.
“At its core, Alephium operates on a sharded Layer 1 (L1) blockchain, which means it divides the blockchain into smaller, more manageable pieces called shards. This sharding technique allows the network to process many transactions simultaneously, significantly enhancing its scalability.”
$ ALPH
Market Cap: $ 219.5 m
Market Cap Rank: 315
Market Price: 2.32 $
ATH: $ 3.86 (-40%)
ATL: $ 0.046 (+4880%)
Source: Coin Market Cap
That’s what we need for now from Alephium project. Okay then, let’s see what we have on chart.
- W1:
Trend:
Price has been in a descending channel for 322 days. It’s been almost a year of trending in this channel. This channel printed right after a strong impulse move to new ATH in early 2024 with amazing 30X growth. With that sharp impulse move and this descending channel a bullish flag developed. This bullish flag was broken last week to sign for a possible next-impulse move. There was a break out from a 4-time resistance level at $ 2 to $ 2.2 with decent volume. So this is the second bullish point in this chart. Please note that the broken channel for testing as support is $ 1.9.
There is another significant signal that votes for a bullish move. In the weekly time frame, we can see the three-withe soldiers' candle pattern, which is known for its bullish nature. We need to check the chart from other angles, too, so we will check moving averages next.
in weekly time frame price holding above MA20 and MA50. MA50 at $ 1.96 can act as the closest support to the current price. This area is the last known broken resistance level too so it becomes a more interesting place for the S/R test. MA20 at $ 1.6 will be the next level of possible support if ~ $2 support fails.
In a daily time frame price hovers above key MAs and a golden cross printed 6 days ago. MA20 is at $1.97. This area gets my attention in different time frames.
RSI: in weekly time frame value is around 59 and slightly strong. in daily time frame RSI value is 65 and looks solid.
Stoch RSI: Stochastic RSI is aiming toward overbought zone with a strong shape.
Volume: Volume increased in the weekly time frame to validate breakout from resistance levels.
Supports:
$ 2.12 ~ $2.25 broken resistance level
$ 1.96 Ma50 in W1
$ 1.97 Ma20 in D1
$ 1.60 Ma20 in W1
Resistances:
$ 3.5 D1 Supply zone
$ 3.85 ATH
Fibo extension levels
Conclusion:
All these opinions are mine and can be wrong, so please DYOR.
This coin is a low cap and low caps are mostly volatile in bull runs. I expect a bullish move after bull flag test as support and I intend to buy there.
My strategy goes as below:
🛒 Pair: ALPH/ USDT 🛒
👑 Bitcharge 👑
🕰 14/12/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
🛒 Buy1: $ 2.15 🛒 30%
🛒 Buy2: $ 1.95 🛒 DCA 70%
👉Sell Targets👈
🎯TP1: $ 2.40 🥉
🎯TP2: $ 2.65 🥈
🎯TP3: $ 2.95 🥇
🎯TP4: $ 3.20 🚁
🎯TP5: $ 3.50 ✈️
🎯TP6: $ 3.80 🚀
🎯TP7: $ 4.50 🛰
🎯TP8: $ 5.50 🛰
🎯TP9: $ 6.50 ✨
🎯TP10: $ 7.50 ⭐️
🎯TP11: $ 8.50 💫
🎯TP12: $ 11 🪐
🎯TP13: $ 14 🌞
⛔️ SL: $ 1.55 ⛔️ by closing D1 Below
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