The recent surge in the value of My Neighbor Alice's (ALICE) token has caught the attention of the cryptocurrency community. In the midst of the broader altcoin market recovery driven by Ethereum (ETH), the price of ALICE has experienced a substantial increase, rising over 83% in just three weeks to achieve a new high unseen in months. Reports from prominent crypto sources reveal that the price of ALICE against the US dollar surged by more than 50% in a single day, reaching around $2.3 during the early hours of the next day.

The remarkable spike in ALICE's price was primarily fueled by a surge in demand from traders. At the time of analysis, the daily average trading volume for ALICE exceeded twice its market capitalization, indicating a strong interest from investors.

ALICE's daily average trading volume was recorded at approximately $514 million, while its market capitalization stood at around $213 million.

As the price of ALICE hinted at a potential rally to an all-time high, drawing the attention of swing traders, data from blockchain analysis showcased a contrasting behavior from insiders. According to insights provided by Lookonchain, a market intelligence firm, several vesting wallets linked to My Neighbor Alice deposited a significant amount of ALICE tokens, totaling more than $5.4 million, on Binance cryptocurrency exchanges.

This accelerated movement of tokens by ALICE insiders is not necessarily indicative of a negative market sentiment, but traders are advised to closely monitor the market dynamics.

Market Analysis

Post the impressive surge on Monday, the price of ALICE against the US dollar is currently encountering a key resistance/support level at approximately $2.3. The small-cap altcoin witnessed a surge in its daily Relative Strength Index (RSI) to 70, signaling bullish momentum.

In the event that buyers push past the current resistance, ALICE could rally towards $3.35, aligning with the 1.618 weekly Fibonacci Extension level.

Expanding Ecosystem

My Neighbor Alice's team has been actively developing the framework to attract more users through non-fungible tokens (NFTs). Reports suggest that the game has attracted around 1.14k unique active wallets, showcasing a growing interest in the project.