ALPHA - Similar Trend to INJ, will it also break downwards?
I have been following ALPHA since it was about .11 or a little under, and noticed it was very bullish, the same pattern I saw in INJ (injective Protocol), I am a huge fan of INJ because it is used in almost every scenario in the future of a lot of our current tokens. I say the same thing about Open Graph (GRT). However, INJ simply hit a brick wall and is now consolidating back at $1.40
ALPHA has been going up steadily, but we are now seeing some bearish trends. We have the RSI being way ovebought, and we see a divergence happening with the last burst upwards. This can sometimes be an indicator that the trend is losing momentum, which can lead to a reversal.
Also, there was really not that much consolidation at the previous level before this last burst upwards. We had TONS of consolidation around the .03, .04 range, and that builds a very nice base to have a bullish run. This one consolidated only around 6 candlesticks before it started back up.
It has the same long green candlestick to start the trend, but the price did not go up as high, indicating a slowdown / or as I like to say - a much shorter time period in which the pattern is occurring.
When we have a chart that continuously goes up, but the intervals of time become less and less, and the movement gets shorter, we are fundamentally changing the layout of the chart, and this happens prior to reversals also.
Overall a nice run, I would expect a correction soon. Overall I am bullish on this.
ALPHA has been going up steadily, but we are now seeing some bearish trends. We have the RSI being way ovebought, and we see a divergence happening with the last burst upwards. This can sometimes be an indicator that the trend is losing momentum, which can lead to a reversal.
Also, there was really not that much consolidation at the previous level before this last burst upwards. We had TONS of consolidation around the .03, .04 range, and that builds a very nice base to have a bullish run. This one consolidated only around 6 candlesticks before it started back up.
It has the same long green candlestick to start the trend, but the price did not go up as high, indicating a slowdown / or as I like to say - a much shorter time period in which the pattern is occurring.
When we have a chart that continuously goes up, but the intervals of time become less and less, and the movement gets shorter, we are fundamentally changing the layout of the chart, and this happens prior to reversals also.
Overall a nice run, I would expect a correction soon. Overall I am bullish on this.
Comment:
ALPHA Target: $1 Reached!