News, Price Analysis

My Neighbor Alice (ALICE) Price Rallies to 20-Months High, But Insiders Are Busy Dumping

Amid the ongoing altcoin recovery led by Ethereum (ETH), My Neighbor Alice’s (ALICE) price has risen more than 83 percent in the past three weeks to reach a new multi-month high. According to the latest crypto oracles, ALICE’s price against the US dollar rallied more than 50 percent on Monday to hover around $2.3 on Tuesday during the early Asian session. 

The notable ALICE spike on Monday was fueled by heightened traders’ demand. At the time of this reporting, its daily average traded volume was more than double its market capitalization. 

Specifically, ALICE’s daily average traded volume was around $514 million, and its market cap was about $213 million.

ALICE Creators Accelerate Market Dump

As the ALICE price signaled an inevitable rally to a new all-time high (ATH), which attracted more swing traders, on-chain data showed a different trend from the insiders. According to on-chain data analysis provided by market intelligence firm Lookonchain, several of My Neighbor Alice vesting wallets deposited more than 2 million ALICE units, worth more than $5.4 million, on Binance crypto exchanges.

The accelerated market dump from the ALICE insiders does not necessarily imply a bearish outlook but traders should closely monitor the underlying price action. 

Price Action

After an impressive rally on Monday, ALICE’s price against the US dollar is currently acting on a major resistance/support level of around $2.3. The small-cap altcoin saw its daily Relative Strength Index (RSI) spike to 70, suggesting that the bulls are in control. 

If the ALICE buyers push beyond the current resistance level, the altcoin will easily pump towards $3.35, which also coincides with the 1.618 weekly Fibonacci Extension.

Growing Ecosystem 

The My Neighbor Alice team has been busy building the infrastructure to onboard more users through non-fungible tokens (NFTs). According to market data provided by Dappradar, the game has about 1.14k unique active wallets.

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