ALEX Shakes the Altcoin Market by Increased by 70% in 2 Days!
The cryptocurrency market has been through a rough patch in recent weeks. However, the recovery wave in the Bitcoin (BTC) and altcoin markets in recent days is considered as promising developments. One of the cryptocurrencies that benefited most from these positive developments was ALEX. ALEX price has increased by over 70% in the last two days, making it one of the best performing coins on the market.
Behind this impressive rise lies the recovery movement of Bitcoin and the overall altcoin market. Although the German government’s Bitcoin sales have caused some concern in the market, the BTC price experienced a significant jump on July 9. This rise coincided with the increase in ALEX price during the same period. However, while the leading cryptocurrency experienced a correction on July 10, ALEX continued its upward trend. Following yesterday’s 21.72% increase, ALEX achieved an additional 57% increase this morning.
This rise of ALEX does not only belong to the last two days. The 108% increase since Monday can be considered an indicator of renewed market strength. With this rise, ALEX exceeded the $0.1379 level, which was previously seen as resistance, and turned this level into a support level. ALEX’s next target is the $0.1566 Fib. It appears to be 61.8%.
The fact that ALEX is the biggest gainer among the top 500 cryptocurrencies with a 70% rally in the last 24 hours clearly demonstrates the interest in the market. The daily trading volume of ALEX, which was traded at $ 0.14 as of the date of writing, increased by 1245% and reached 49.91 million dollars. This increase is an important signal that investors’ interest in ALEX is increasing.
These positive developments actually follow a somewhat worrying event. ALEX Lab was attacked for $4.3 million two months ago by a hacker group known as Lazarus Group. This attack caused the ALEX token price to drop by 28%. Although this event had a negative impact on investor sentiment, the recent increase in demand shows that trust in the ALEX protocol has been re-established.
ALEX Lab, released in 2021, is actually defined as a layer-2 Bitcoin DeFi protocol. Built on Stacks smart contracts, the protocol offers a variety of DeFi services to investors. The ALEX Lab platform includes services such as launchpad, decentralized exchange (DEX) and borrowing-lending market.
It is difficult to predict whether this sudden rise of ALEX is permanent. However, the positive course of Bitcoin and the general altcoin market may also create a positive wind for ALEX. Still, as always, investors need to be cautious and do thorough research.
