ALCX Price Surge Amid 2022 Bear Market Run

Alchemix’s price rose by 10 per cent in yesterday’s trad­ing ses­sion, and today, the cryp­tocur­ren­cy is look­ing poised to repeat the same feat, with cur­rent prices show­ing a surge of 11 per cent. How­ev­er, despite today’s aggres­sive bull­ish push, the cryp­to has trad­ed aggres­sive­ly bear­ish for the past few months. 

This month, Alchemix’s price is down by 20 per cent. At some point dur­ing the month, the prices had dropped by as much as 45 per cent. The drop in June, how­ev­er, is not sur­pris­ing and has fol­lowed the long-term bear­ish trend that saw Alchemix’s price drop by 47 per cent in May and 44 per cent in April.

The year-to-date data also shows Alchemix prices are down by more than 90 per cent this year. Part of the rea­son for the sharp decline has been due to the cur­rent cryp­tocur­ren­cy bear mar­ket. Today, major cryp­tocur­ren­cies such as Bit­coin are down by more than 50 per cent year-to-date. With Alchemix being pos­i­tive­ly cor­re­lat­ed with Bit­coin, its cur­rent bear­ish trend has also seen Alchemix impact­ed, result­ing in the cur­rent aggres­sive bear­ish trend. 

Alchemix price prediction

Alchemix’s price was up by 25 per cent in the ear­ly hours of the trad­ing ses­sion. How­ev­er, intra­day trad­ing has seen the prices resume the long-term bear­ish trend, which has seen the prices drop to their cur­rent 11 per cent ses­sion gains. 

Look­ing at the chart below, we can see that the Alchemix price has trend­ed down­wards for months. The result has been a 20 per cent drop in price for the month of June and 47 per cent in May. How­ev­er, yes­ter­day and today’s ses­sions have shown sig­nals of a pos­si­ble price rever­sal, with an over 10 per cent price surge. 

Despite the two trad­ing ses­sions’ price gains, my Alchemix price pre­dic­tion is bear­ish. I expect the prices to con­tin­ue drop­ping, with a pos­si­ble $18.97 sup­port lev­el being hit. There is also a high like­li­hood that we will see the prices trad­ing below the sup­port level.

How­ev­er, should the prices trade above the $35 price lev­el, my bear­ish trend will be inval­i­dat­ed. At that lev­el, it will also mean a pos­si­ble trend rever­sal has started.

Alchemix Daily Chart