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Alephium (ALPH) Soars Over 35% in a Week: Here’s Why

Arslan Butt•Wednesday, February 21, 2024•1 min read

The cryptocurrency market witnessed a surprising surge in Alephium (ALPH), with its price skyrocketing over 16% in the past 24 hours and a staggering 35% increase in the last week. This sudden bullish momentum has left many investors and traders wondering what’s behind this remarkable rally.

What is Alephium?

Alephium is a unique blockchain platform aiming to bridge the scalability gap between Bitcoin and Ethereum. It utilizes a custom-designed sharding algorithm called BlockFlow, capable of processing thousands of transactions per second while maintaining decentralization and security. Additionally, Alephium employs a Proof-of-Less-Work consensus mechanism, which aims to reduce energy consumption compared to traditional Proof-of-Work protocols.

Possible Factors Behind the ALPH Price Surge

Several potential explanations could be contributing to ALPH’s recent price upswing:

• Growing Interest in Scalable Blockchains: As the decentralized finance (DeFi) and GameFi landscapes evolve, the demand for scalable and efficient blockchains like Alephium increases. This growing interest from potential users and developers fuels optimism surrounding the project’s future.
• Technical Innovations: Alephium recently announced the launch of its own programming language, Ralph, designed specifically for the platform. This development promises enhanced developer experience and potentially attracts more projects to build on Alephium.
• Positive Market Sentiment: The broader cryptocurrency market experienced a slight upswing in recent days, with Bitcoin leading the charge. This positive sentiment likely benefitted ALPH alongside other altcoins.

Technical Analysis of ALPH/USDT

For traders seeking technical insights:

• Relative Strength Index (RSI): Currently at 72, indicating potentially overbought territory in the short term.
• Moving Average Convergence Divergence (MACD): Showing a positive crossover, suggesting possible continued bullish momentum.
• Support and Resistance: Immediate support sits around $3.15, while resistance emerges at $3.50 and $3.75.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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