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ALEX Lab is up almost 80% in 24 hours and its trading volume soared 2,080% with market cap surging 77% to more than $70 million.

So what’s behind the bullish momentum and where is it headed next?

ALEX Price Soars 138% – Where Next?

ALEX is hovering at around $0.1099. The 50-four-hour Simple Moving Average (SMA) is at $0.0639 provided a launchpad for ALEX Lab’s surge, which took off, staging a 138% rally to set a swing high at $0.152. This uptick saw the price of the “Bitcoin Uniswap” token flip the 100 SMA, the 200 SMA, and the $0.1 psychological level from resistance to support.

At press time, the price was turning down as the 50% Fibonacci retracement level at $0.1078 provided immediate support. If the bullish momentum is sustained, ALEX may rise higher with the first line of resistance emerging from the 61.8% Fibonacci level at $0.1183. Additional barriers are found at the 78.6% extension level at $0.1331 and the $0.15 supply zone.

Higher than that, ALEX could retest today’s intraday high at $0.1519 or rise even higher toward the 123.6% Fibonacci level at $0.1728.

ALEX/USDT Four-Hour Chart

TradingView Chart: ALEX/USDT

Apart from the ongoing bullish sentiment. ALEX’s positive narrative was supported by the up-facing moving averages and the upward movement of the Relative Strength Index (RSI). The price strength at 81 reinforced the nature of the bull’s grip on the price.

Also validating the bullish thesis for ALEX Lab’s price was the upward trajectory displayed by the Moving Average Convergence Divergence (MACD) indicator. Note that this trend-following oscillating indicator had sent a call to buy the crypto on July 30 when the 12-period Exponential Moving Average (EMA) crossed above the 26-period EMA, suggesting that the market conditions had flipped in favor of the upside.

On the flipside, the RSI showed that ALEX was massively overbought. As such, profit taking may take center stage as buyer exhaustion sets it. This could extend the ongoing correction to produce a four-hour candlestick close below the 50% Fibonacci retracement level at $0.1078.

Key levels to watch on the downside are the $0.1 psychological level, the 23.6% retracement level at $0.0846, and the SMAs lying within the $0.0757 and $0.0665 demand zone. A return to the $0.0638 level would completely undo all the gains made in the current rally and invalidate the bullish narrative.

What is Alex Lab Token?

ALEX is a new token that is native to ALEX Lab, a platform frequently referred to as the “Bitcoin Uniswap” as it offers a wide range of decentralized financial (DeFi) services built on the Bitcoin network through Stacks.

ALEX Lab stands out by offering a variety of compelling features, including a launchpad for liquidity provision to new projects, fixed-term and fixed-rate lending and borrowing services that eliminate liquidation risks. It also provides an advanced order-book Decentralized Exchange (DEX) supporting limit orders and facilitating NFT auctions, and attractive yield farming opportunities.

Despite being relatively new, ALEX has shown impressive potential, leading some investors to label it as the most undervalued token they have come across.

I’ve been saying it since February at under 0.03$.$ALEX is the most undervalued token I’ve ever come across.
The Team, the tech, the fundamentals and $sBTC Will make this a multibillion $ project.
It’s my largest holding in my portfolio pic.twitter.com/jZEbtgXile
— jk.sats🟧 (@jksats) August 1, 2023

The team’s revolutionary technology and strong fundamentals have received praise for driving this optimistic sentiment.

As a result, ALEX has already secured a significant position in the portfolios of some investors.

One popular crypto analyst, Wolf of All Streets, placed ALEX among his “Fantastic Five” in a June 28 Twitter post, now X. He tweeted yesterday that it was time for ALEX, urging his followers to always be patient when investing in crypto instead of “chasing scams pumps and pauly’s liquidity grabs.”

Sometimes, patience is all you need
But you’re too busy chasing scams pumps and pauly’s liquidity grabs $ALEX time is now 🔥 https://t.co/G0pw4G8aVt pic.twitter.com/NCypdfF0nG
— The Wolf Of Crypto Streets (@W0LF0FCRYPT0) August 1, 2023

But in the rapidly changing landscape of cryptocurrencies, the fate of ALEX Lab remains uncertain, and only time will tell whether it maintains its appeal within the crypto community or simply fade into the sea of other digital currencies.

At present, the outlook appears promising for ALEX and its investors, but the true course of its journey will unfold with time.

In the meantime, investors could also consider another new cryptocurrency that’s grabbing investor attention due to an impressive performance in presale.

ALEX Alternative

Once such crypto is Chimpzee (CHMPZ).

CHMPZ is the native token for the Chimpzee ecosystem, an innovative crypto project that made headlines with its ICO, raising a significant $650,000. Recently, the project achieved a significant milestone by raising more than $1 million in presale. In gratitude for the overwhelming community support, the project has initiated a 10 million CHMPZ airdrop, with only 7.905 million airdrop tokens left at the time of writing.

🚀🎁Exciting news from #Chimpzee! Our #Airdrop system is here!💰💫
Tokens decrease as the #Presale progresses🎁
🎉Claim your tokens, and after presale ends receive these extra $CHMPZ as an airdrop to your wallet!📩💎
Don’t miss out on extra CHMPZ!🚀🌐https://t.co/Geog3EVuMC pic.twitter.com/aaKzI2d5dF
— Official Chimpzee Project (@RealChimpzee) July 29, 2023

Chimpzee enables users to make a positive impact on the environment and contribute to animal conservation while earning income. There are multiple ways to earn income through this project, including CHMPZ token trading, selling earned CHMPZ tokens, staking Chimpzee NFT passports, receiving a percentage of NFT marketplace trading fee profits, and participating in game-based challenges.

🌌🚀 Discover the cutting-edge and engaging #Chimpzee #NFT Marketplace! 🦍💎
💸💰 Earn a portion of trading fee profits by owning a #Chimpzee #NFT passport or actively trading on the platform!🤝💸
Be part of a marketplace that rewards its users!🌟🌍🌿
🔗https://t.co/Geog3EVuMC pic.twitter.com/PHnkrVh5SE
— Official Chimpzee Project (@RealChimpzee) August 1, 2023

The project is strongly dedicated to charity and allocates a portion of its tokens for this purpose. Specifically, these proceeds are directed toward nature preservation and combating climate change.

Visit Chimpzee here to learn more about the project and how to participate in the presale.

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