Technical analysis by Richtv_official about Symbol ALT: Buy recommendation (1/21/2025)

Recent Price Action:ALT has seen a significant decline, with bulls looking for support amid intensified bearish pressure. The recent drop highlights vulnerability, but key support levels below could provide a foundation for recovery.Key Levels to Watch:Support Levels:$0.08500: Immediate support zone where bulls are attempting to stabilize.$0.07810: A prior swing low with historical buying interest.$0.07150, $0.07000, $0.06650: Critical levels marking past swing lows. A deeper move into these zones could attract aggressive buying, especially near $0.06650, aligning with August 5th’s swing low.Resistance Levels:$0.08790: Near-term resistance likely to cap immediate recovery efforts, with confluence from recent bearish gaps.$0.11131: A stronger resistance zone near January 17th’s swing high, which aligns with prior bearish momentum.Market Dynamics:Token Unlock Impact:The upcoming Saturday token unlock is expected to increase supply, potentially exacerbating downside pressure in the short term. However, following the release, the market could stabilize, setting the stage for a relief rally as bearish momentum wanes.Bearish Gaps:Resistance from daily bearish gaps adds confluence near $0.08790 and $0.11131, making these levels critical to monitor during any rally.Outlook:Bullish Scenario:A successful defense of $0.08500 or a deeper dip into the $0.07150–$0.06650 range, followed by strong buying momentum, could lead to a relief rally. Clearing $0.08790 would open the door to a move toward $0.11131 or higher.Bearish Scenario:A sustained break below $0.06650 would invalidate key supports, exposing ALT to further downside risks, with no clear structural floor below.Conclusion:The focus remains on $0.08500 as the immediate support zone, while Saturday's token unlock is likely to influence price action significantly. A relief rally may emerge post-unlock, targeting $0.08790 and possibly $0.11131 if the bearish gaps are filled. For now, caution is advised as the market navigates increased supply pressure.