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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jun 04, 2024 06:54 UTC
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My Neighbor Alice (ALICE) Soars 83% in 3 Weeks, But Are Insiders Cashing Out?
The price of My Neighbor Alice (ALICE) has risen more than 83% in the past three weeks.
The price surge was fueled by heightened demand from traders, but on-chain data shows that insiders have been selling their ALICE tokens.
The price of ALICE is currently at a major resistance/support level, and if buyers can push it beyond this level, the price could rally to $3.35.
The altcoin market is seeing a resurgence, and My Neighbor Alice (ALICE) is leading the charge. Over the past three weeks, ALICE’s price has skyrocketed more than 83%, reaching new multi-month highs. This bullish momentum continued on Monday, with the price surging over 50% against the US dollar. As of Tuesday morning (Asian session), ALICE is hovering around a cool $2.30.
Here’s the full outlook.
Trading Frenzy Gets Real
What’s behind this impressive rally? It seems a surge in trader demand is fueling the ALICE fire. At the time of writing, the daily average trading volume for ALICE is more than double its market capitalization. That’s a whopping $514 million in daily volume compared to a market cap of around $213 million.
This intense trading activity suggests a strong appetite for ALICE among investors.
Is the Rally Sustainable?
While the price action screams “bullish,” on-chain data paints a slightly different picture. According to market intelligence firm Lookonchain, several My Neighbor Alice vesting wallets recently deposited over 2 million ALICE tokens (worth over $5.4 million) on Binance. This on-chain activity suggests some insiders might be taking profits.
The accelerated market dump from the ALICE insiders does not necessarily imply a bearish outlook but traders should closely monitor the underlying price action.Â
Breaking Resistance: The Road to $3.35?
Following Monday’s impressive rally, ALICE is currently hovering around a key resistance/support level of $2.30. The altcoin’s daily Relative Strength Index (RSI) is also at a healthy 70, indicating strong buying pressure. If buyers can push ALICE past this resistance level, the next stop could be $3.35, which aligns with the 1.618 weekly Fibonacci Extension.
Building for the Future
The My Neighbor Alice team is actively working on attracting new users through non-fungible tokens (NFTs).
Dappradar data shows the game currently boasts around 1,140 unique active wallets. This ongoing development bodes well for the future of the ALICE ecosystem.
Also Check Out : Billionaire Investor Predict Bitcoin Price To Reach $500K by 2025, Here’s Why
Bullish on ALICE or spooked by the insider dump? Let’s hear your take on the future of My Neighbor Alice!
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