Since early November of last year, Alchemix crypto has lost 87 per cent of its price. This is despite being one of the most promising cryptocurrencies in the market. The downward trend has also continued for months, and the past few days are a reflection of the trend.
Looking at the past 24 hours of Alchemix crypto has lost over 5 per cent of its value. This is despite recording a 143 per cent increase in trading volume, after trading Alchemix worth over $20 million.
However, the most revealing statistic about the project is the total value locked in the Alchemix. The platform, which is a Defi protocol that allows for the creation of synthetic tokens that represents the future yield of a deposit had over $1.65 billion worth of TVL in Early November 2021.
Since then, the platform has seen a steady decline in the total value locked in the platform. Today, the platform has around $900 million in TVL. This decline may have contributed to the drop in the price of the cryptocurrency in the market. It is also possible that the underperformance of Alchemix crypto has pushed TVL investors out of the platform.
Alchemix Crypto Price Prediction
Looking at the four-hour chart below, it is evident that Alchemix has been bearish for the past few weeks. The chart also shows the cryptocurrency has been trading within a descending channel during that time. Today, the prices are trading at $76, after a small gain in the markets. However, based on the 4-hour chart, the trading session gain is likely to be reversed. The chart also shows the price movement from the upper trend line of the descending channel.
Therefore, based on the chart below, I expect the prices to continue with their downfall. I also expect today’s trading session to close below the opening price. There is a high likelihood that the prices will trade below the $60 psychological level as indicated in the chart below. IT is also highly likely that the prices will continue the downward move until they hit the lower trend line of the channel.