ALICEUSDT Stellar Potential: Doubling Up on Gains Ahead?💎 #ALICEUSDT hasn't showcased much price action in recent months. After $ALICE found support at the base of the descending channel, specifically at the psychological level of $0.8, it attempted to change its trajectory. However, a brief rally was halted right at the supply zone.
💎 Following this, a consolidation phase ensued, characterized by a slow descent within a wedge pattern. Intriguingly, this downward movement was halted at the 78.6% Fibonacci support, a level that remained unbroken for the past 17 days. In fact, after bouncing off this Fibonacci level, #ALICE managed to break above its downtrend trendline just yesterday. This move is interpreted by many as the inaugural signal of an impending uptrend.
💎 If we consider the bullish scenario, the uptrend could be quite robust. This is inferred from the Fibonacci resistance levels plotted on the chart. The initial resistance is pegged at the 50% Fibonacci retracement level, coinciding with the VolumeProfile at $1.5. The subsequent level is the double Fibonacci resistance at $1.68. The final target is the supply zone, aligning with the 78.6% Fibonacci level at $1.91.
💎 If this final target is achieved, #ALICEUSDT would yield a gain exceeding 100%, precisely 109%. This suggests that the potential uptrend might not be fleeting but could signal a medium to long-term rally.
💎 Having outlined this, it's essential to remain vigilant and prepared for any outcome. Hence, an alternative scenario, where the downtrend persists, is also considered. For this bearish scenario to materialize, #ALICE would need to register another lower low, thereby invalidating our bullish perspective. However, venturing below the $0.8 support level would release a significant amount of buying liquidity.
💎 All in all, #ALICE is a token worth monitoring closely at this juncture, and the MCP team is diligently observing its price action. Paradisers, stay tuned for more insights!
