Throughout June, Alchemy’s price was in a strong bearish move, resulting in a 36 per cent drop. This is despite showing signals of a bullish trend early in the month.
Today, Alchemy is up by 3 per cent. However, we are still in a new month, and there is a high likelihood that the prices will play out exactly as in June, when Alchemy Pay’s prices started strongly but started dropping by mid-month.
Why Did Alchemy Pay’s Price Drop in June?
Two main reasons Alchemy’s pay price dropped drastically in June. One of the reasons is due to events that happened in May, including the fall of Luna, UST, and the cryptocurrency crash. Therefore, coming into the month, most investors were already downsizing their crypto portfolio, which affected projects like Alchemy Pay.
The second reason for the drop is the year-long cryptocurrency industry bear market. Even before the May crypto crash, the prices of cryptocurrencies were already going down. The May cryptocurrency crash exacerbated the situation, and the bear market continued aggressively in June. Alchemy Pay, an altcoin positively correlated to major coins such as Bitcoin, has been dragged downwards with the entire industry, resulting in the current price drop.
Alchemy Pay Price Prediction
Despite being up by 3 per cent in today’s trading session, the future alchemy price will highly depend on the fundamental factors in the market. Currently, the entire cryptocurrency market is still taking a beating. Therefore, my Alchemy price prediction for the next few trading sessions is a downward move. This is despite today’s strong bullish move.
My trade will only be invalidated by the upturn of the markets, which will include a reversal o the current bearish trend in the cryptocurrency industry.