March update: should you buy or sell ALPHA?

4 mins read
March update: should you buy or sell ALPHA?

The cryptocurrency market is losing its value this Sunday, the price of Bitcoin went below $56000 today, and the risk of further declines is not over yet. ALPHA is also under pressure; in less than several hours, this cryptocurrency price has weakened from $1.97 to $1.71, and the current price stands around $1.73.

Fundamental analysis: Alpha Finance announced that it had launched Alpha Homora’s BSC version

Alpha Finance is a decentralized protocol that supports various products and has its native coin under the symbol ALPHA. Alpha Finance Lab is an ecosystem of DeFi, and this project’s main goal is to create products with traditional finance principles while operating in a decentralized manner.


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ALPHA price has exploded since the beginning of January and almost reached the $3 resistance level in February. ALPHA was one of the best performers on the cryptocurrency during the first week of February, but the price has extended its correction from the record highs.

This project’s most famous product is Alpha Homora that enables its users to participate as yield farmers, ETH lenders, or liquidators. This March, Alpha Finance announced that it had launched Alpha Homora’s BSC version (vBSC).

“Alpha Homora is not a simple product, and there are multiple analyses that we conduct (for both Alpha Homora on Ethereum and on BSC) to ensure that we don’t put our users at risk. Additionally, we have built monitoring tools for both Alpha Homora (vEthereum) and (vBSC) that will help us maintain the quality of our products even after the launch,” Alpha Finance reported.

Alpha Finance platform faces several challenges, and one of them includes the limited availability of products outside the Ethereum blockchain. Alpha Finance could also face a lack of liquidity, and my opinion is that there’s still a lot of uncertainty around this project.

The cryptocurrency market is losing its value this Sunday, the price of ALPHA can weaken even more in the upcoming days, and maybe it is not the best moment to buy this cryptocurrency.

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Technical analysis: $2 represents a strong resistance level

ALPHA has advanced from $0.16 above $2.9 since the beginning of January 2021, and the current price stands around $1.73.

alpha
Data source: tradingview.com

If the price jumps above $2 resistance again, it would be a signal to trade ALPHA, and the next price target could be around $2.25 or even $2.5. On the other side, if the price falls below $1.5, it would be a firm “sell” signal, and we have the open way to the strong support level that stands around $1.

Summary

The cryptocurrency market is losing its value this Sunday, the price of ALPHA can weaken even more in the upcoming days, and maybe it is not the best moment to buy this cryptocurrency. Alpha Finance announced that it had launched Alpha Homora’s BSC version (vBSC), but there’s still a lot of uncertainty around this project.