Alpha’s decision to move to Binance Smart Chain could push ALPHA price by 52%

Alpha Finance Lab announced its decision to move Alpha Homora to Binance smart chain.
As a result, ALPHA price has risen by more than 35% in the past few hours.
Although the actual launch is set to happen in a few weeks, the DeFi token shows potential for more gains.

Alpha Homora v1 would be launched on the Binance Smart Chain (BSC). ALPHA price has gone parabolic since the news dropped, and it seems to have more room to go up.

Alpha price hints at higher highs after recent developments

Alpha Finance Lab announced that Alpha Homora v1, one of the most popular smart contracts projects on the Ethereum network, will be launched on Binance Smart Chain. The move is set to allow users to earn high-interest rates on BNB and take leveraged yield farming positions on PancakeSwap.

The BSC ecosystem has grown significantly, resulting in high demand to take leveraged yield farming positions. Alpha Finance Lab, being the first to build a leveraged yield farming product, will further capture this opportunity by bringing Alpha Homora to BSC.

Market participants appear to have welcomed the news since ALPHA price has risen by more than 35% in the past few hours. The bullish impulse allowed the DeFI token to break out of a symmetrical triangle where it was contained since February 13.

Now, Alpha hints at a further advance towards $2.52 when considering the height of the triangle’s y-axis.

ALPHA/USUDT 4-hour chart

The SuperTrend indicator adds credence to the optimistic outlook since it flashed a buy signal on March 1. Meanwhile, Santiment’s MVRV model recently moved outside of the “buy zone,” suggesting further bullish momentum on the horizon.

Alpha chart MVRV

Investors should note that excessive profit booking could dry up the buying pressure. In such a case, ALPHA price could correct by 15% to $1.58, invalidating the bullish thesis.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.