Alchemy Pay price is up by over a percentage point in today’s trading session. However, today’s price gains do not tell the full story of a cryptocurrency that has struggled in the markets for months.
In the month of April, the Alchemy pay lost over 40 per cent of its value. The drop has been a long-term trend that has continued since the year started. Looking at the year-to-date prices of Alchemy price, the crypto has lost 60 per cent of its value.
However, the long-term trend has been industry-wide, with cryptocurrencies such as Bitcoin and Ethereum also having a rough month in April. In fact, looking at the Bitcoin prices for the past few months, we can see the trend being close to what Alchemy has gone through. This is because, Alchemy pay, being an altcoin, is positively correlated with Bitcoin, which continues to underperform in the markets.
Alchemy Pay Price Prediction
Since the year started, Alchemy Pay has lost over 60 per cent of its value. In April, the cryptocurrency had the biggest bearish move this year, recording a price drop of slightly over 40 per cent. The bearish trend looks poised to continue this month, with the cryptocurrency losing over a percentage point in May.
However, the Alchemy price is up by a percentage point in today’s trading session. In fact, today’s trading session is the second in the past three days that the prices are looking likely to close above the opening price. Despite the gains, yesterday’s drop in the price of almost four per cent still makes the month look bearish.
The recent bearish trend becomes evident at a lower timeframe of four hours. Even though today’s prices are looking bullish, the 4-hour chart below shows the prices have been moving sideways for the past few days. Therefore, the recent gains in the market for the Alchemy cryptocurrency are due to the formation of a bearish flag. Therefore, the current price of $0.024 is likely to continue dropping. This is because the trend is still bearish. Therefore, there is a high likelihood of the prices trading below $0.020 in the coming trading sessions.
Alchemy 4-hour Chart
