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Altlayer

AltLayer, an open and decentralized protocol for rollups, has seen a sharp decline over the past 24-hours. The altcoin is hovering below the $0.15 support level amid a broader bearish market trend. AltLayer price is trading at $0.1325 during a U.S. trading session, marking a 7.99% decrease.&nbsp;
The 24-hour trading volume has spiked by 21%, reaching $36 million. According to <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/altlayer/">CoinMarketCap</a> data, AltLayer’s market cap has also fallen by 8% to $145 million, reflecting investor hesitation in a volatile market environment.
<h2 id="strong-altlayer-price-dips-below-key-support-level-amid-market-uncertainty-strong">AltLayer Price Dips Below Key Support Level Amid Market Uncertainty</h2>
Over the past week, Altlayer (ALT) has seen a significant drop of 11.41% in its value. The cryptocurrency is trading downward, experiencing fluctuations within a narrow range between $0.1274 and $0.1464 over the last 24 hours.&nbsp;
From its peak in March 2024, when it reached an all-time high of $0.6881, the token has substantially declined by 80.%. This recent downturn in value mirrors the broader volatility and challenges the cryptocurrency market faces.
Looking at the monthly chart for Altlayer (ALT), the <a href="https://coingape.com/glossary/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> has experienced a significant decrease, shedding over 31% of its value in the past month. This downtrend culminated in hitting an all-time low of $0.1138 on July 8, 2024, barely 18 days ago.&nbsp;
<h2 id="strong-potential-price-scenarios-for-alt-amid-market-volatility-strong">Potential Price Scenarios for ALT Amid Market Volatility</h2>
AltLayer is experiencing a pronounced decline in a bearish market. If this trend persists, its token will likely stabilize at $0.13.&nbsp;
If market conditions deteriorate further, there’s a risk that its value could decrease to $0.12, reflecting a stronger bearish impact. A more severe downturn could potentially push the price down to $0.1.
Conversely, increasing investor confidence might propel ALT into a bullish phase. A reversal in market sentiment could see AltLayer breaking through the $0.15 resistance level. Continuing on this path, the cryptocurrency might reach $0.2 and could target a high of $0.5 in the foreseeable future.
<h2 id="strong-upcoming-115m-token-unlock-to-test-alt-stability-strong">Upcoming $115M Token Unlock to Test ALT Stability</h2>
According to data from an upcoming <a rel="noopener noreferrer nofollow" href="https://token.unlocks.app/altlayer">unlock event</a>, the cryptocurrency market is likely to experience significant volatility following the scheduled release of $115 million worth of tokens.&nbsp;
The unlock is set for 10:00 AM UTC on January 25, 2025, with 240.10 million ALT tokens set to be released. This represents 10.39% of the token’s current circulating supply, contributing to market concerns over potential price impacts.
The recent data indicates that only 23% of the total token supply has been unlocked so far, with 76.89% remaining locked. This gradual release strategy might be a stabilizing factor, but the substantial volume of the upcoming release raises uncertainties.
<h2 id="strong-technical-indicators-show-bearish-trends-for-alt-strong">Technical Indicators Show Bearish Trends for ALT</h2>
The daily technical indicators for AtlLayer suggest a continued bearish trend in the market. The Moving Average Convergence Divergence (MACD) indicator shows a narrowing between the MACD and signal lines, indicating potential decreasing bearish momentum.&nbsp;
<figure id="attachment_209528" aria-describedby="caption-attachment-209528" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-209528 size-full" src="https://coingape.com/wp-content/uploads/2024/07/ALTLAYERUSDT_2024-07-25_18-56-32.png" alt="AltLayer Price Likely to Experience Volatility with Upcoming $115 Million Token Release" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/07/ALTLAYERUSDT_2024-07-25_18-56-32.png 1154w, https://coingape.com/wp-content/uploads/2024/07/ALTLAYERUSDT_2024-07-25_18-56-32-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/07/ALTLAYERUSDT_2024-07-25_18-56-32-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/07/ALTLAYERUSDT_2024-07-25_18-56-32-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-209528" class="wp-caption-text">
 AltLayer Price By <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/bNAgTtJm/">TradingView</a>
 </figcaption>
</figure>
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index</a> (RSI) is hovering near 37.14, close to the oversold territory but not conclusive enough to predict a reversal. This level indicates that while the market might be nearing oversold conditions.
The post <a href="https://coingape.com/markets/altlayer-price-likely-to-experience-volatility-with-upcoming-115-million-token-release/" rel="noopener noreferrer nofollow">AltLayer Price Likely to Experience Volatility with Upcoming $115 Million Token Release</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

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