ALPH/USDT — Daily Price Action AnalysisAlephium/TetherGATE:ALPHUSDTjubileeJourney2024Based on the ICAI technical analysis framework, the chart of Alephium/USDT on the daily timeframe clearly reflects a primary downtrend supported by price action, trend structure, and market psychology. The chart shows a sustained sequence of lower highs and lower lows, which is a textbook indication of a bearish trend as per Dow Theory. The initial sharp fall from the higher price region indicates distribution, where selling pressure dominated and demand failed to absorb supply. Subsequent pullbacks were weak and short-lived, confirming that rallies were being used as selling opportunities rather than accumulation phases. As price continued to decline, it formed brief consolidations, but each consolidation resolved downward, indicating bearish continuation rather than reversal. This aligns with ICAI’s principle that trends persist until a clear reversal signal appears. The current price action near the 0.10–0.11 zone shows price moving sideways after a prolonged fall, suggesting temporary equilibrium between buyers and sellers, often described as a basing or pause within a broader downtrend. However, the inability of price to break above prior swing highs confirms that trend reversal conditions are not yet met. From a support and resistance perspective, earlier support levels have repeatedly turned into resistance as price declined, reinforcing the concept of role reversal, a key ICAI concept. The present support zone around the recent lows is being tested multiple times, which weakens it structurally. Volume behavior (as typically observed in such structures) tends to contract during sideways movement after a decline, indicating lack of strong buying conviction rather than accumulation. Overall, the chart reflects a bearish market structure with consolidation at lower levels, suggesting continuation risk remains unless price decisively breaks above a previous lower high with strong confirmation. As per ICAI principles, until such confirmation appears, the dominant trend remains downward and the market should be viewed with caution from a bullish perspective.