ALCHUSDT'S CLIMB - PUMPING STRONG, RESISTANCE AHEAD!Symbol - ALCHUSDT
Despite the prevailing bearish sentiment across the cryptocurrency market, ALCHUSDT stands out as one of the few assets demonstrating relative strength. However, the sustainability of this momentum remains uncertain, particularly in the face of upcoming resistance levels.
Currently, a consolidation pattern is forming just below the breakdown threshold on the intraday timeframe, indicating a potential readiness for continued upward movement within the current distribution phase.
A confirmed breakout above the 0.1590 resistance level is expected to trigger further bullish momentum, with the next key target situated in the liquidity zone around 0.1770. However, due to the strength and significance of this intermediate resistance, a false breakout and subsequent pullback-potentially towards the 0.1590 level or the 0.5 Fibonacci retracement - should be anticipated.
Key Resistance Levels: 0.1590, 0.1770, 0.2300
Key Support Levels: 0.1516, 0.5 Fib retracement
The current distribution phase has already seen a 53% expansion since breaking above consolidation resistance. By the time price approaches the 0.1770 level, this could extend to approximately 77%. At that point, the market may have exhausted much of its bullish potential, increasing the likelihood of liquidity absorption above 0.1770 and a subsequent reversal or correction.
