AltLayer (ALT) has seen its price surge over the past 24 hours, with the altcoin rallying to $0.33 at the time of writing. There are a few key reasons behind this latest ALT price pump:
Exchange Listings Major exchanges Bitget and Binance listed ALT on their platforms on January 25th, 2023. These high-profile listings brought significant exposure and liquidity for ALT, which helped drive up demand and price. Crypto assets often see a jolt in price when added to leading exchanges.
Innovative Technology Part of the reason major exchanges are listing ALT is because of its innovative underlying technology.
AltLayer is building a decentralized protocol for scaling Ethereum and other blockchains through “Restaked Rollups” – a novel form of rollups that aims to enhance security, decentralization, interoperability and transaction finality. As interest grows around scaling solutions, so too does interest around ALT.
Oversold Bounce The Relative Strength Index (RSI), a momentum indicator, recently bounced up from around 40. An RSI below 30 typically signifies an asset is oversold, while a rise from this range indicates the asset is regaining strength. The bounce from oversold levels in ALT’s RSI line likely signals a short-term trend reversal and contribution to the price boost.
With the current market cap of around $300 million, ALT still has a lot of room for growth in this bull run.
Exchange listings, technological potential, and oversold conditions recombining have powered AltLayer’s latest price pump. If development continues at a strong pace, ALT may see further rallies as it carves out a position in the crowded rollups space.
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