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The Altlayer price pumped 14% during the Monday session and is up 2% in the last 24 hours to trade for $0.4304 as of 2:50 a.m. EST time.
In hindsight, two narratives drove the Altlayer price over the past few days. First, the network had an ALT airdrop, with claims open for the next one month.
📢Update: $ALT Airdrop Claims have now opened as of 9:00 AM UTC. https://t.co/LpfHsHu4Gk
Those eligible for AltLayer Airdrop Season One – please visit the official airdrop website to claim your $ALT!
Rest assured you will have one month to claim your $ALT tokens. https://t.co/zSYJw8gGt4
— AltLayer (@alt_layer) January 25, 2024
Another fundamental that spurred interest and a surge in the Altlayer price was the listing on Binance exchange.
#Binance lists @alt_layer $ALT!
Trading is now live ➡️ https://t.co/dnv1O6EX8C pic.twitter.com/wswq5TUBAB
— Binance (@binance) January 25, 2024
Immediately after the two events, the Altlayer price spiked 30% and currently boasts upwards of $475 million market capitalization despite debuting only this month. This record of accomplishment has ALT trending alongside MANTA, Bull Token (BULL), Bonk (BONK), Ondo (ONDO), and Honk (HONK).
Here are the trending #Cryptos of the day!✨
✅Manta Network ( $MANTA ) – @MantaNetwork
✅Bull Token ( $BULL ) – @BullFinanceBSC
✅Altlayer ( $ALT ) – @alt_layer
✅API3 ( $API3 ) – @API3DAO
✅Bonk ( $BONK ) – @bonk_inu
✅Honk ( $HONK ) – @honk_sol
✅Ondo ( $ONDO ) -… pic.twitter.com/U5fhah71Y4— TheNewsCrypto (@The_NewsCrypto) January 30, 2024
Possible Altlayer Scam
Investors should exercise caution as there is the possibility a bad actor is looking to swindle unsuspecting victims. Although verified, an account on X has mimicked the Altlayer social media account, replacing the “a” on the handle with a “c”.
Never follow a link in any crypto-ad on X!
Searched for altlayer & the first tweet algorithmically elevated to the top by X was a scam.
The "a" is replaced with a "c", and somehow the fake account managed to get verified too.
Why is X promoting scams instead of blocking them? pic.twitter.com/OSm1A4TaJZ
— 🇺🇦 ottodv 🦇🔊 ottodv@mstdn.social (@ottodv) January 30, 2024
Such scams are popular around airdrops, with bad actors leveraging the hype to dupe investors with phishing links. Vigilance is key to avoid falling victim to such scams.
The Altlayer ecosystem operates as an open and decentralized protocol designed for rollups. It introduces the innovative concept of Restaked Rollups, a technique meant to enhance the security, decentralization, interoperability, and crypto-economic fast finality of rollups.
This is derived from various stacks, including but not limited to OP Stack, ZK Stack, Arbitrum Orbit, and Polygon CDK through a restaking mechanism.
Altlayer Price Prediction
Meanwhile, the Altlayer price continues to consolidate above an ascending trendline. For as long as ALT does not lose this support level, it is bound to record more gains for investors.
However, momentum appears to be falling on the one-hour timeframe, indicated by the nose-diving Relative Strength Index (RSI). The Moving Average Convergence Divergence (MACD) is also still below its signal line (orange band) after the bearish crossover on January 29.
In addition, the histogram bars of the MACD as well as those of the Awesome Oscillator (AO) are flashing red, showing the bears are tightening their grip on ALT.
If the bears have their way, the Altlayer price could lose the immediate support due to the 50-day Simple Moving Average (SMA) at $0.4251. Further south, the downtrend could see ALT market value slip below the ascending trendline to test the $0.4000 psychological level. A decisive candlestick close below this level in the one-hour timeframe could clear the clog for an extension south to the $0.2869 support floor. Such a move would constitute a 30% fall below current levels.
TradingView: ALT/USDT 1-hour chart
On the flip side, if the bulls show gusto, the Altlayer price could sustain above the support offered by the ascending trendline. This could see the altcoin’s market value clear the immediate barricade at $0.4620. In a highly bullish case, the Altlayer price could extend the climb to the $0.6000 psychological, which would constitute a 40% climb above current levels.
In the meantime, however, the odds continue to favor the downside for the Altlayer price, some investors might want to consider diversifying into eTukTuk, a green presale that has analysts anticipating a big move soon.
Promising Alternative To Altlayer
eTukTuk is a project committed to transforming the transportation industry. It is a green project focused on developing countries where it brings in three-wheel electric Tuk Tuks. It also sets up a network of charging stations.
1/ eTukTuk Times is back! 📰🌍
Our weekly round-up of two things we love: #EVs and a #sustainable future 🚀
Explore breakthrough technologies, global initiatives, and the latest developments shaping the future of sustainable transportation and combating climate change.
— eTukTuk (@eTukTukio) January 17, 2024
Running on the Binance Smart Chain (BSC), eTukTuk leverages a decentralized sharing economy model for scalability, security, and efficiency. The project focuses on eco-friendly electric vehicle charging station infrastructure (EVSE) and introduces affordable electric Tuk Tuks.
The project developer is working on a play-to-earn (P2E) game christened Crazy Taxi, where players can earn $TUK tokens by completing missions and ferrying passengers to various locations. This has the likes of Crypto analyst Michael Wrubel saying projects like these are the future of crypto, hence his bullish stance on eTukTuk.
Token holders can stake their $TUK tokens on the eTukTuk platform for an annual yield of over 300%, on top of presale price increases. The more you stake, the higher your rewards.
You can buy $TUK, an upcoming crypto presale, on the official eTukTuk website here.
Also Read:
- How To Buy eTukTuk (TUK) On Presale
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
- eTukTuk Continues to Impress As Traders Rush to New Electric Vehicle Revolution in Developing Nations With Over $310k Raised Already
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