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  • 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

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

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.