Should alert ping when used on champions appear above the champion?

A normal ping on an enemy champion puts a crosshair above them meaning "do something to this target", however an alert ping does not. Alert pings do come with a chat message, to stay away from the pinged champion or for an allied champion to fall back, but I believe if it stayed above their head it would be much more effective.

Also, why is there two alert pings? (Red and Orange)

tldr; Alert pings on champions should place a marker above their head.