Altcoin Developers on Binance Explain Significant Price Decline – "Legal Proceedings Have Started"
Incident Overview: Nillion reported that the recent volatility in the NIL token price was due to an unauthorized sale by a market maker, who did not respond to the company's communications during or after the incident.
Company Response: Following the unauthorized sale, Nillion initiated a buyback process using treasury funds, worked with exchanges to freeze related accounts, and plans to take legal action against the responsible party.
Market Impact: The NIL token price dropped by 36.3% in 24 hours, trading at $0.118, significantly lower than its all-time high of $0.95 reached eight months ago.
Future Actions: Nillion stated that any funds recovered from the unauthorized sales would be allocated for further buybacks, emphasizing their proactive stance against such incidents in the crypto market.
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Technical Analysis for ALT
Technical Sentiment Analysis for Altlayer (ALT). As of , Altlayer (ALT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ALT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ALT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Altlayer (ALT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00623 | 0.00699 | 0.00777 | 0.00853 | 0.00931 | 0.0101 | 0.0108 |
| Fibonacci | 0.00699 | 0.00758 | 0.00794 | 0.00853 | 0.00912 | 0.00948 | 0.0101 |
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