The Alpha Venture DAO (alpha) is rising as the daily RSI generated a bullish divergence on June 18. However, it is yet to reclaim any important horizontal resistance levels.
Alpha has been declining since reaching an all-time high of $2.94 on February 5, 2021. The downside movement reached a low of $0.093 on June 18. This is a decrease of 96% since the all-time high.
The entire downward movement is contained below a descending resistance line, which has been in place for 518 days so far.
While the RSI is at a new all-time low, it is neither oversold nor has it generated any bullish divergence. Therefore, there are no signs of a possible bullish divergence.
The main support and resistance levels are at $0.04 and $0.42 respectively.
rapidly increasing divergence
The daily chart provides a bit more momentum than the weekly chart. The main reason for this is the Bullish Divergence (Green Line) that has developed in the RSI.
If there is a bullish divergence, there could be an upside move towards the $0.175 horizontal resistance area, which coincides with the descending resistance line above.
Despite this bullish divergence, the RSI has yet to move above 50, a level that is considered a bullish trend signal.
short term alpha movement
cryptocurrency trader @thetradinghubb Tweeted a chart by Alpha, noting that a retest of the $0.135 resistance area could result in a significant upward move.
But the price failed to reclaim this $0.135 area and was instead rejected by (red icon), triggering the ongoing downward movement.
Currently, the price is trading above the 0.618 Fibonacci Retracement support level at $0.11. If this level fails to initiate a rally, the price will close to $0.094 . is likely to fall to an annual low of
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