Can Aleph Zero Hackathon Push AZERO Price to $2?

YEREVAN (CoinChapter.com) — Aleph Zero (AZERO) announced the CTRL+Hack+ZK Hackathon, scheduled virtually from Jan 10-31, 2024. This event represents Aleph Zero’s most immersive hackathon to date, and it’s designed to foster innovation and collaboration within the blockchain community.

Here are more details about the event before we discuss its potential impact on AZERO’s price.

CTRL+Hack+ZK Aleph Zero Hackathon

The event collaborates with several major partners, such as Telekom MMS (a subsidiary of Deutsche Telekom), Stc Bahrain, Heartcore Capital, Arca Finance, Cardinal Cryptography, and others. These partnerships could provide a wide range of opportunities and exposure for participants.

The Aleph Zero hackathon features various tracks focusing on blockchain and Web3 development aspects. These include Telco, DeFi, DiD, Gaming, Tooling, and Infrastructure. Each track presents unique challenges and opportunities for participants to innovate and create solutions using Aleph Zero’s technology.

Participants stand a chance to win from a pool of $75,000 in bounties. Moreover, there’s potential for up to $500,000 in follow-on funding, providing substantial support for developing and implementing winning projects.

The Aleph Zero hackathon will include a series of workshops and educational programming. Participants will also benefit from hands-on mentorship with Aleph Zero’s core development team and ecosystem partners, a great learning and skill development opportunity.

So, are AZERO fans excited enough to push the token’s price to $2? Let’s look at the signs.

AZERO’s Price Action Bullish

Charts testify that the Aleph Zero Hackathon could positively affect the AZERO price. The token’s value rose 6% to $1.65 in the previous 24 hours, hinting at a possible continuation to $2.

In short, AZERO formed a “falling wedge” on the daily chart. It features two converging trendlines, drawn by connecting lower highs and lower lows, forming a downward-sloping wedge. This pattern typically suggests a bullish reversal, indicating that an asset’s price may turn upwards after breaking through the upper trend line and increase equal to the maximal distance between the trendlines.

AZERO price broke the upper trendline on Jan. 4 after the Aleph Zero Hackathon announcement. Thus, the next target for the coin would stand at approximately $2, or another 20% higher than the current value.

Notably, the decline in trading volumes should not worry investors as it is typical for accumulation periods. AZERO exhibited the same behavior while gearing for its previous leg up in mid-December.