In today’s trading session, the Alchemy Pay price has seen one of the largest price drops in recent months, with its value dropping by 15 per cent. The drop has come despite the crypto seeing a 464 per cent surge in its trading volume, which has shot up to $61.7 million in today’s trading session.
The drop has also come at a time when the entire cryptocurrency market is in ascendance. In yesterday’s trading session, we saw the industry market capitalization rise by over 6 per cent. The bullish trend has been followed by another bullish move of the industry, which has pushed the total market capitalization to $997.4 billion following a percentage point increase.
Cryptocurrencies such as Bitcoin, which is up y a percentage point in today’s trading session, and Ethereum, which is up by 2 per cent, also seem to have not impacted Alchemy Pay’s price, which is significantly correlated to them.
The Alchemy Pay Price Prediction
The current Alchemy Pay price prediction may be a result of yesterday’s strong and aggressive bullish trend, which saw its price surge by over 25 per cent. Normally, when there is such a huge surge in the market, it is followed by a market correction that, in some cases, may be as much as 20 per cent. Therefore, what we are seeing today may not be a price reversal following yesterday’s surge.
In addition, looking at the price action of the past few weeks, we can see a similar pattern, such as on October 14, when the prices surged by 35 per cent. The surge was followed by a 13 per cent bear market, and then the next few sessions saw continued downward movement until yesterday when the prices surged again.
Therefore, there is a high likelihood that we might see the current bear market continue for the next few trading session until the next big surge. I expect the prices to at least hit the $0.011 support level. However, a reversal that sees prices rising above today’s opening price of $0.014 will invalidate my bearish trend analysis.