My Neighbor Alice (ALICE/USD) was down over 2% on Tuesday, it is looking like Alice is correcting after the huge price surge in Alice this month. Alice surged by over 130% earlier this month and this could be the start of the rally. Alice rallied from $11 to almost $30, however, a correction in the price can be seen and it is now showing signs of a reversal. This could be a great opportunity for investors who missed the rally before it resumes its upmove. Investors are now wondering if Alice will hit a new all-time high in December.
Here is what the charts are suggesting-
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Alice has corrected to $19 after hitting a high of $28.6, it has fallen by over 40% however this does not mean that the correction is over.
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A strong supply zone can be seen at $17, and Alice can be seen sustaining over the zone, this is suggesting that the strength is slowly coming back in Alice.
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Alice has corrected to the 0.618 Fibonacci level which could be the point of reversal, thus a long entry can be taken once a clear reversal is seen.
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Investors can also wait for Alice to break through $21 before entering any long positions.
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Alice was also in the overbought zone at the end of the rally which could have been the reason for the sell-off
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A target of $23 can be set, followed by $28, investors should also set a stoploss at $16.
