Alpha Finance (ALPHA) Climbs to All-Time High — Targetting $1

Share Article
In Brief
  • ALPHA is following a parabolic ascending support line.

  • There is support at $0.64.

  • ALPHA is likely in an extended wave 3.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Alpha Finance Lab (ALPHA) has been increasing at an accelerated rate since December 2020. It proceeded to reach an all-time high price of $0.80 on Jan. 21.



After a possible short-term drop, ALPHA is expected to resume its upward movement towards $1.08 and could possibly even reach $1.31.


Doji Signals ALPHA Top?

ALPHA has been on a parabolic upward trend since it began trading on Oct. 10, 2020.



The rate of increase accelerated and ALPHA was able to reach an all-time high price on Jan. 21. However, this created a long upper wick. Depending on the close, it could create a Doji or a shooting star candlestick.

Nevertheless, the trend remains bullish as long as ALPHA is trading above this parabolic support line.

ALPHA Chart By TradingView

Due to the lack of support below the current price, a breakdown could cause a significant drop. It could potentially fall back to the 0.5 or 0.618 Fib retracement levels at $0.41 and $0.31 respectively.

However, technical indicators are still bullish and have failed to generate any significant weakness.

ALPHA Chart By TradingView

Short-Term Movement

The short-term chart shows a pronounced bearish divergence in both the RSI and the MACD, which preceded the current drop.

In addition, it provides a support area at $0.64, which has been reached and initiated a bounce.

Furthermore, there is an ascending support line at $0.60.

Therefore, as long as ALPHA is trading above the latter, we can consider the short-term trend bullish.

A breakdown from this support line would also entail a breakdown from the parabolic support line outlined in the previous section. This would likely confirm the bearish trend reversal.

ALPHA Chart By TradingView

Wave Count

Cryptocurrency trader @CryptoNTez outlined an ALPHA chart which shows an upward movement of nearly 80% over the past three days. However, he did not provide any possible targets for the upcoming upward move.

Source: Twitter

The most likely count suggests that ALPHA is in an extended wave 3 (shown in white below) of a bullish impulse that began in October 2020. The sub-wave count is given in orange.

The most likely target for the top of wave 3 is found at $1.08 (3.61 Fib extension of wave 1). A likely target for the top of the entire impulse is found at $1.37 (4.61 Fib extension of the same wave).

A decrease below the sub-wave 1 high of $0.51 would invalidate this particular wave count. It would also entail a breakdown from both the parabolic and normal ascending support lines, hence confirming that the trend is bearish.

ALPHA Chart By TradingView


While the long-term trend for ALPHA seems to still be bullish, a short-term drop that validates the ascending support line near $0.60 could occur prior to the resumption of the upward trend.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Limited offer! Learn to mine and trade crypto today for free


Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!