On May 24, the Alchemy pay price rose by 79 per cent in the early hours of the trading session. However, the prices would fall during the session and close the session at 4.8 per cent. The drop continued in yesterday’s trading session late hours, which saw the prices closing the session with a gain of 0.04 per cent. In today’s trading session, the strong bearish trend that started on 24th has seen prices drop by 9.5 per cent. The prices are likely to continue the current strong bearish move; there is a high likelihood that the prices will be down by more than 10 per cent by the end of the session.
The price surge on May 24 may have resulted from recent partnerships with Binance pay and Instpower. According to reports, the partnership will see users being able to pay with cryptocurrency for power bank devices at more than 14,000 locations worldwide. The move is likely to see a surge in Alchemy users. There is also a high likelihood of the Alchemy crypto surging in trading volume. This will also see its prices starting to go up.
Alchemy Price Prediction
The alchemy prices are down by 9.5 per cent in today’s trading session. Trading at the current price of $0.019, the price drop comes amidst a recent rally that, on May 24, saw the prices rise by 79 per cent within a trading session before dropping to close at 4.8 per cent.
Looking at the chart below, despite the recent gains, the prices are still in a long-term bearish trend. Today’s price drop is likely a resumption of the bearish trend. The spike in prices in the past two days may be a result of recent fundamentals such as partnerships with Instpower and Binance Pay.
Therefore, my Alchemy price prediction expects the prices to continue falling. There is a high likelihood of the prices trading below $0.01800 in the coming trading sessions. However, if today’s trading session reverses and closes above the session opening price of $0.021, my analysis will be invalidated. It will also mean a likely bullish reversal.