Bears Winning the Markets Battle

Despite recent signs of recovery, Alchemy’s pay price has continued to go down after setting a recent price high of $0.037 on May 24. Since then, the prices have drooped by 59 per cent. The drop, however, is not looking to be over, with today’s trading session dropping by 3 per cent. The drop extends a strong June bear market that has already seen Alchemy Pay price dropping by 16 per cent.

Alchemy Pay Price History

To understand what is currently happening in the markets, we need to look at the past few months of the Alchemy Pay price. Since May 1, 2022, the price of Alchemy Pay has dropped by 44 per cent. Much of this drop was a result of the recent cryptocurrency crash which was caused by the collapse of Terra Luna and UST. 

Data also shows that the current bear market has been consistent throughout the year. Since the year started, Alchemy Pay prices have dropped by 76 per cent. Normally, such a drop would signal a major problem with the project. However, when looked at in a wider context, the entire cryptocurrency market has been aggressively bearish. Most cryptocurrency projects have also posted similar results during the same periods. Therefore, it is likely that this year’s drop is a result of external forces that are beyond Alchemy pay control.

Alchemy pay Price prediction

In the last 8 trading sessions, seven have closed the markets with a price loss. Today’s trading session is also extending yesterday’s downward move that saw prices drop by less than a percentage point. Using the daily chart below, I expect Alchemy Pay price to continue dropping. There is a high likelihood that we will see the prices hitting the $0.013 support level.

It is also highly likely that the prices may break to the downside and trade below the support level. However, if the prices reverse and trade above the $0.016 price level, then my analysis will be invalidated. It will also mean a possible move to the upside for a few trading sessions. 

Alchemy Pay Daily Chart