Alchemy Pay price is down by two per cent in today’s trading session and looking likely to reverse gains made yesterday when the crypto rose by 5.8 per cent. For months, Alchemy has been in a strong bearish move. However, yesterday’s price gains looked likely to be the start of a new trend. Today’s drop means it is likely that yesterday was only a price correction, and the bearish trend will continue.
The drop also comes amidst an increased adoption of the Alchemy Pay platform and integration with other payment solutions. In the past few weeks, Alchemy pay has announced partnerships with other institutions such as VeChain and ePayments to address current payment problems in the market.
For instance, the latest announcement about a partnership with ePayments will see Alchemy Pay expand to New Zealand and Australia markets. According to the partnership, Alchemy Pay will offer the company a gateway capable of carrying out Fiat-crypto payments. This will enable ePayments to provide all their merchants with crypto acceptance and payments with Binance Pay.
The VeChain partnership will also see Vechain transact with Fiat payment rails and Crypto on-Ramps. Additionally, the partnership is likely to see another growth of Alchemy and increased usage of the platform. The partnership is also likely to translate to the markets and result in an Alchemy Pay bullish move.
Alchemy Pay recently set a new price low of $0.027, which resulted in yesterday’s five per cent price bounce. However, today’s trading session has resumed the bearish move, and the crypto is looking likely to wipe yesterday’s price gains. Currently trading at $0.028, the prices are likely to break the recently set price lows.
There is a high likelihood that the current aggressive bearish move will see the price of Alchemy pay trading at $0.025 in the next few days. This will be an over 10 per cent drop for the cryptocurrency. However, it is also highly likely that the current bearish trend will last for the next few weeks, which makes the possibility of Alchemy Pay trading below $0.020 plausible.
This post was last modified on %s = human-readable time difference 15:54