Is My Neighbor Alice (ALICE) Experiencing an 83% Surge in 3 Weeks, or Are Insiders Profiting?
In the past three weeks, the price of My Neighbor Alice (ALICE) has experienced a remarkable surge of over 83%. This surge has been driven by increased demand from traders. However, on-chain data reveals that insiders have been selling their ALICE tokens. Currently, the price of ALICE is at a significant resistance/support level. If buyers can surpass this level, the price could rally to $3.35.
The altcoin market is experiencing a resurgence, with ALICE leading the charge. Over the past three weeks, ALICE’s price has skyrocketed by more than 83%, reaching new highs that haven’t been seen in months. This bullish momentum continued on Monday, as the price surged over 50% against the US dollar. As of Tuesday morning, ALICE is trading at around $2.30.
So, what’s behind this impressive rally? It seems that a surge in trader demand is fueling the fire. The daily average trading volume for ALICE is currently more than double its market capitalization, amounting to a staggering $514 million compared to a market cap of approximately $213 million. This intense trading activity indicates a strong appetite for ALICE among investors.
However, while the price action appears bullish, on-chain data tells a slightly different story. According to market intelligence firm Lookonchain, several My Neighbor Alice vesting wallets recently deposited over 2 million ALICE tokens, worth more than $5.4 million, on Binance. This on-chain activity suggests that some insiders may be taking profits.
It’s important for traders to closely monitor the underlying price action, as the accelerated market dump from ALICE insiders doesn’t necessarily imply a bearish outlook.
Following Monday’s impressive rally, ALICE is currently hovering around a crucial resistance/support level of $2.30. The altcoin’s daily Relative Strength Index (RSI) is also at a healthy 70, indicating strong buying pressure. If buyers can successfully push ALICE past this resistance level, the next target could be $3.35, which aligns with the 1.618 weekly Fibonacci Extension.
Looking towards the future, the My Neighbor Alice team is actively working on attracting new users through non-fungible tokens (NFTs). The game currently boasts approximately 1,140 unique active wallets, according to Dappradar data. This ongoing development is a promising sign for the future of the ALICE ecosystem.
Whether you’re bullish on ALICE or spooked by the insider dump, we’d love to hear your take on the future of My Neighbor Alice!