Categories: Analysis

Alpha Finance (ALPHA) is nearing long-term resistance and a possible breakout

Alpha Finance (ALPHA) is making another attempt to move above a horizontal resistance area which, if successful, will greatly accelerate the upward move.

ALPHA has fallen into a descending parallel channel since Feb. 6 when it hit an all-time high of $ 2.94. Such channels often contain corrective movements. Therefore, an outbreak across the canal is likely. This possibility is supported by the fact that the price is trading in the upper part of this channel.

Technical indicators are increasing. The RSI, a momentum indicator, has just bounced off the 50 line.

The MACD, formed from the short-term and long-term moving averages (MA), is in positive territory. However, the uptrend appears to have stopped, which could be taken as a sign of weakness.

ALPHA is currently facing resistance at $ 1.23. This is the 0.618 fib retracement level from the previous downtrend. If the price tries to cross this level, it will likely go up faster.

Daily ALPHA / USDT chart | Source: TradingView

Short term outbreak

Trader @thebull_Crypto outlined the ALPHA chart, indicating that the token is about to break above the long-term horizontal resistance area at $ 1.21.

Since the tweet, ALPHA has made several attempts to move across this zone (red symbols). However, they were all unsuccessful.

In addition to the horizontal resistance, the $ 1.23 area is also the 0.618 fib retracement resistance. Therefore, a breakout above it should strongly accelerate the upward momentum.

ALPHA / USDT 6-hour chart | Source: TradingView

A look at the shorter 2-hour chart shows a descending parallel channel. Similar to the daily timeframe, a breakout on this channel would also be the most likely move.

ALPHA / USDT 2-hour chart | Source: TradingView

Count waves

The wave number suggests that ALPHA could initiate the third wave (orange) of a bullish impulse with five waves. The number of partial waves is shown in black.

If the wave count is correct, the first resistance range is between $ 1.94 and $ 2.04. It was found using the 0.618 Fib resistance from the all time high and should give 1: 3 waves in a 1: 1 ratio.

A fall below the September 21st low of $ 0.79 (red line) invalidates that particular wave count.

ALPHA / USDT 12-hour chart | Source: TradingView

You can get the price from ALPHA. see Here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

59 minutes ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

2 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

5 hours ago

This website uses cookies.