Alpha Finance (ALPHA) trend is decidedly bullish and the token is likely to approach the end of its consolidation period.
ALPHA has been on the rise since June 22. At that point it had just bounced off the support line of a parallel descending channel.
bounce and continued rise are of crucial importance as the downtrend channel is considered a corrective pattern. This means that after the pattern completes, the token is expected to resume its previous trend, which in this case is bullish. channel has been active since the all-time high on February 6.
In the period between September 23 and 28, ALPHA cleared and validated the center of the channel as support (green circle). This further supports the possibility of the token exploding.
Technical indicators are also bullish. RSI, which is an indicator of momentum, has moved above 50. This is a sign that momentum is bullish. time before was just before the upward move from $ 0.4 to $ 1.2.
MACD, created by a short-term and long-term moving average (MA), is positive and on the rise. This means that the short-term trend is growing faster than the long-term trend.
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Future movement
short-term six-hour chart shows that ALPHA has been rejected by the 0.618 Fibonacci Retracement Resistance Level (red icon) at $ 1.23. This is nothing out of the ordinary, as the 0.618 Fibonacci level commonly acts as resistance after bounces.
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main resistance zone is at $ 1.46. It is created by the September highs and coincides with the previously outlined parallel descending channel.
A break above this level would likely accelerate the rate of increase as ALPHA heads towards a new all-time high.
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Number of ALPHA waves
Cryptocurrency trader @Tradinghubb outlined an ALPHA chart, indicating that the token is beginning its third wave and may soon accelerate its rate of increase.
Source:
most likely count suggests that ALPHA is on wave three (orange) of a five-wave up move. Wave three is usually the sharpest and of the highest magnitude. subwave count is indicated in black.
most likely targets for the top of this wave are between $ 1.94 and $ 2.04 and between $ 2.80 and $ 2.95.
former would match the 0.618 Fib retracement level (black) by measuring all downward movement and would give the 1: 3 waves a 1: 1 ratio. latter would match the highest region of all time and give waves 1: 3 a ratio 1: 1.61
TradingView Chart
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