As the cryptocurrency market continues to heat up, Alanche [*ax] has once again ushered in its spring. In recent trading, Alanche's retested the significant Fibonacci retracement levels and showed a strong trend on the chart. This indicates that the current market bulls have the upper hand and investor confidence in **alanche is growing.
Notably, Alanche's NFT sales have also climbed significantly. The Dokyo collection has already surpassed $1.4 million, which not only drove the highest three-month record for **Alanche NFT sales, but also further boosted the market activity. This trend shows that people's enthusiasm for alanche is heating up.
Many investors and analysts believe that this market boom will continue. They believe that the value of the asset will continue as the alanche ecosystem continues to grow and improve. In addition, as more and more people begin to understand and use NFTs, this new form of digital assets will also bring more development opportunities for Alanche.
In 19-20In the $7 area, we can see a distinct green highlighted area as it used to be the former resistance area. In mid-November, this ** had moved to support. However, given that volatility is likely to be high in the region, investors should remain vigilant as liquidity-seeking moves are likely to emerge on shorter time frames.
In one session on November 21, 61 were testedThe 8% Fibonacci retracement level (light yellow) has since climbed above the $20 mark. Judging by the trend on the single-day chart, traders have good reason to believe that **is brewing** to 246 USD.
The RSI (Relative Strength Index) has slowed down over the past two weeks, indicating a weakening of bullish momentum. However, the market structure remains bullish. In addition, there has not been a significant decrease in the equilibrium volume, which indicates that the volume is not dominant. This could mean that while short-term risks may increase, the long-term trend remains bullish.
Based on our analysis, we can see two areas of concern, namely 187 dollars and 23$1. A large number of liquidation trades are expected at these two levels, which could mean a large number of traders trading here and market sentiment is fierce. However, considering the recent ** move, it fell to 18$7 is not very likely. Conversely, above the $23-24 area, a decrease in the number of cleared trades is expected, which could mean that market sentiment is gradually stabilizing.
Moreover, $22 has been an important resistance level since September 2022. Once this level is breached, it means that the market sentiment has changed from bearish to bullish, which is a strong bullish signal. And between $24 and $30, there is almost no significant resistance level, which also means that the market sentiment is more stable and there are more trading opportunities in this range.
However, we would also like to remind you that the market is dynamic and investors should develop a suitable trading strategy according to their risk tolerance and investment goals. It is important to conduct adequate research and risk assessment before making any investment decision.
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