AltLayer's ALT Token Explodes in Value Ahead of Upbit Listing

Hold onto your hats, crypto fans! AltLayer's native token, ALT, just went ballistic on Monday, June 16, skyrocketing before its big debut on South Korea's top exchange, Upbit. We're talking a breakout candle that could light up the night sky!

Our sources tell us that ALT blasted off by a mind-blowing 104% in a single day, hitting a peak of $0.051 before settling back to $0.033. Even with the dip, this token was still up 35% and strutting a market cap of around $117 million—its highest swagger since early February!

The buzz around ALT kicked into high gear after it snagged that prime spot on Upbit, a heavyweight in the South Korean crypto scene.

Everyone knows that getting listed on a big exchange can send prices through the roof, thanks to all the extra cash and eyeballs flooding in. But watch out—these listing parties can be over before you know it, with early birds cashing out once the hype cools down.

Get this: the moment the Upbit news dropped, the whales came charging in. A Korean market guru named Yoonseok spilled that one whale scooped up a whopping 1.6 million ALT tokens right after the announcement. Another big fish wasn't far behind, snagging 2.93 million at about $0.04 each. When whales start splashing that much cash, you know the little fish are watching and getting ready to jump in.

And the action didn't stop there. Over in the derivatives arena, open interest in ALT futures shot up 383%, with more traders betting on the long side than you can shake a stick at. It's clear everyone's hoping this rocket keeps flying.

Meanwhile, on the blockchain, the party was just getting started. Daily active addresses for ALT went from a measly 110 to over 10,500 in just two days. That's not just a spike—that's a full-blown eruption! And with social sentiment turning positive and Google searches for ALT going through the roof, it's clear the retail crowd is all in on this one.

ALT Price Analysis

Zooming in on the 4-hour USDT chart, it's all green lights. The MACD and RSI are both climbing, screaming that the bulls are in control and ready to charge.

Looking at the price action, ALT is comfortably cruising above both the 50-period and 100-period EMAs. And get this—the 50-day EMA just crossed over the 100-day EMA, a classic sign that the uptrend's not just sticking around, it's getting stronger.

Right now, ALT's holding steady above the $0.031 support level, which is pretty much in line with the May high of $0.044. That's not just support, that's a launchpad.

If ALT can keep this momentum going and bounce back from here, we could see it blasting off to $0.055—a 66% jump from where it's at now. Buckle up, folks!

But if it drops below $0.031, keep an eye on $0.023. That was the low point on June 13, and if it heads there, it might mean the bulls are losing steam, and we could see more downward pressure.

Disclosure: Just a heads up, this isn't investment advice. It's all just for your education and entertainment. So, enjoy the ride, but play smart!