What's up with ALICE?
Assets covered: MyNeighborAlice (ALICE)
Metrics used: Age Consumed, Daily Active Addresses, Daily Active Deposits, Exchange Inflow, Network Profit Loss, MVRV, Whale Transaction Count, Supply on exchanges
MyNeighborAlice appeared on our radars thanks to strong age consumed spike, which is connected to ecosystem funds moving:
Nice spike isn't it? Looks like previously it has marked a couple of local bottoms. Or it's just an illusion. What's happening now in ALICE? Let's have an overview.
Onchain activity (active addresses)
There seems to be some uptick in Daily Active Addresses last couple of days:
We've got an active addresses spike which is quite interesting.
Is it sell-offs? Let's check exchange related metrics.
Daily Active Deposits
There's not a whole lot of deposits, not a whole lot of people looking to sell:
A little bit of a spike but we don't think it would account for the entire rise in active addresses.
Is picking up though. If we zoom in there are quite a few spikes in exchange inflow:
Network Profit Loss
It looks like a mixed bag here, up and down:
But looking at last spikes it seems that people were selling at a loss more than exiting in profits.
We are quite low in terms of MVRV:
Actually near historical lows for 30d MVRV.
Whale Transaction Count
This metric is often indicating local price tops and bottoms. What do we see here?
It's spiking. Could indicate a possible reversal somewhen soon.
Supply on exchanges
Finally this simple metric works as a proxy for possible 'sell pressure'.
It's literally permanently growing. Non stop. No good. We wouldn't be super confident in general about a token like that.
There are some things that might help ALICE to continue to bounce if they continue in the next coming weeks, like growth in DAA, general sort of a rise in network activity. Especially if MVRV remains to stay that low. Both are able to form a potential bullish divergence.
There are may be potentially green flags in the coin's onchain data. May be a bit early to say but keep an eye on it and we'll see what happens.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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