AltLayer Market Overview: Strong Breakout and Rising Momentum

• AltLayer (ALTUSDT) rose 10.2% over the past 24 hours, forming a bullish breakout above prior resistance.
• Price action showed strong momentum, with RSI approaching overbought territory and positive MACD divergence.
• Volatility expanded significantly, as seen in Bollinger Band widening and high-volume surges after 06:00 ET.
• A bullish engulfing pattern formed at the breakout level, suggesting continued upward bias.
• Turnover increased 35% in the last 6 hours, supporting conviction in the recent rally.

AltLayer (ALTUSDT) opened at $0.0349 on July 19 at 12:00 ET, reached a high of $0.03797, a low of $0.03453, and closed at $0.03773 at 12:00 ET on July 20. Total volume was 69,370,100, and notional turnover hit $24.9 million over the 24-hour window.

Structure & Formations

ALTUSDT broke above a key resistance zone near $0.0357, confirming a bullish reversal after a consolidation phase. A strong bullish engulfing pattern formed around $0.03575, signaling renewed buying pressure. Key support levels now appear at $0.0360 and $0.0355, while resistance is likely to test $0.0380 and $0.0385 in the coming days. A 61.8% Fibonacci retracement level from the recent swing low aligns with $0.0366, which the price has already surpassed.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are bullish, with price staying above both. On the daily chart, the 50-period MA is rising and could soon cross above the 200-period MA, signaling a potential longer-term trend reversal. The 100-period MA at $0.0360 currently offers support and is being tested with strong conviction.

MACD & RSI

The MACD turned positive after 04:00 ET and showed a bullish divergence, indicating strengthening momentum. RSI reached 68 by the end of the day, approaching overbought territory, suggesting a potential pullback could occur. However, the strong volume and price action suggest the uptrend may continue beyond typical overbought levels.

Bollinger Bands

Volatility expanded significantly during the breakout, with Bollinger Bands widening from a narrow contraction earlier in the day. Price is currently near the upper band, indicating a high-volatility phase. A sustained move above the upper band may confirm a continuation pattern, while a retest of the lower band could provide a short-term entry for longs.

Volume & Turnover

Volume spiked sharply after 06:00 ET, coinciding with the breakout and confirming the strength of the move. Turnover also increased sharply in the last six hours, reaching 78% of the 24-hour total. This suggests strong institutional or large-cap investor participation. No significant divergence was observed between price and volume, indicating healthy conviction in the move.

Fibonacci Retracements

Key Fibonacci levels from the recent swing low at $0.03453 include 38.2% at $0.0360 and 61.8% at $0.0374. Price is currently trading near the 61.8% level, which has been a strong support-turned-resistance. A break above $0.0379 could target the 78.6% level at $0.0386.

The rally in ALTUSDT appears well-supported by both price and volume, with momentum indicators suggesting continuation. A test of $0.0380–$0.0385 is likely in the next 24 hours, though a pullback to $0.0370–$0.0365 could occur if RSI overextends. Investors should remain cautious of potential profit-taking and short-term volatility.