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The Alchemy Pay price is up by one per cent in today’s trading session, extending a bull rally that started three days ago, which has seen prices rise by 8 per cent. Today’s price gain is also a continuation of the July bullish trend that has seen the crypto move up by 9 per cent.
Throughout the year, Alchemy has been trending downwards, which has resulted in its value dropping by 80 per cent. However, the past few trading sessions, since July started, have been aggressively bullish. This has seen the prices move up by 9 per cent.
The aggressive push to the upside has come at a time when the entire cryptocurrency market is in a bear market. Surprisingly, Alchemy Pay has also been one of just a few cryptocurrencies that have made gains during the month.
One of the reasons that Alchemy has continued to grow is due to the recent positive news cycle, partly contributed by the platform’s numerous partnerships. This includes partnerships with Forter, GrePay, Real Betis, and ePayments in just the past few weeks. All these partnerships have resulted in the crypto gaining traction, and new investors coming into the project.
Looking at the daily chart below, it is clear that, despite rising by 9 per cent this month, the bigger trend is a sideways market. Since June 10, the prices have traded within the support and resistance levels of $0.010 and $0.015, respectively.
Therefore, it is likely that in the next few trading sessions, the prices will continue trading in the current sideways market. My expectation is that, as the month progresses, the prices will likely establish a trend. This will be achieved when prices move below the $0.010 support level, and start a bearish trend, or when it moves past the $0.015 resistance level, where a bullish trend will be started. Therefore, at this time, I am cautious on whether the current 9 per cent gain will continue throughout the month, or we will see a reversal.
This post was last modified on Jul 08, 2022, 16:38 BST 16:38