Alchemix’s price rose by 10 per cent in yesterday’s trading session, and today, the cryptocurrency is looking poised to repeat the same feat, with current prices showing a surge of 11 per cent. However, despite today’s aggressive bullish push, the crypto has traded aggressively bearish for the past few months.
This month, Alchemix’s price is down by 20 per cent. At some point during the month, the prices had dropped by as much as 45 per cent. The drop in June, however, is not surprising and has followed the long-term bearish trend that saw Alchemix’s price drop by 47 per cent in May and 44 per cent in April.
The year-to-date data also shows Alchemix prices are down by more than 90 per cent this year. Part of the reason for the sharp decline has been due to the current cryptocurrency bear market. Today, major cryptocurrencies such as Bitcoin are down by more than 50 per cent year-to-date. With Alchemix being positively correlated with Bitcoin, its current bearish trend has also seen Alchemix impacted, resulting in the current aggressive bearish trend.
Alchemix price prediction
Alchemix’s price was up by 25 per cent in the early hours of the trading session. However, intraday trading has seen the prices resume the long-term bearish trend, which has seen the prices drop to their current 11 per cent session gains.
Looking at the chart below, we can see that the Alchemix price has trended downwards for months. The result has been a 20 per cent drop in price for the month of June and 47 per cent in May. However, yesterday and today’s sessions have shown signals of a possible price reversal, with an over 10 per cent price surge.
Despite the two trading sessions’ price gains, my Alchemix price prediction is bearish. I expect the prices to continue dropping, with a possible $18.97 support level being hit. There is also a high likelihood that we will see the prices trading below the support level.
However, should the prices trade above the $35 price level, my bearish trend will be invalidated. At that level, it will also mean a possible trend reversal has started.
Alchemix Daily Chart
