Alchemix Token Price Stands At The Doorstep Of $410 Resistance

  • ALCX token chart shows the 20-and-50-day EMA are on the verge of giving a bullish crossover
  • The ALCX/BTC pair was trading at 0.007161 BTC, with a gain of 11.61%
  • The ALCX coin’s 24-hour trading volume is $46.21 Million

On October 1st, the ALCX token made a new ATL of $205, suggesting this level as a possible support level for crypto traders. The token price bounced back from this level and started a fresh rally, which has now reached till the $410 mark. If the price manages to breakout from this level, the ALCX trader can grab a quick long trade to the $480 mark.  

Concerning the EMAs, the ALCX token prices trade higher than the EMAs 20, 50, and 100, projecting a bullish alignment in its chart. Moreover, the 20 and 50 EMA can soon provide a bullish crossover, encouraging the ongoing rally.

The RSI value of 74 indicates a bullish trend within the ALCX token. Moreover, the RSI line has shown remarkable growth in its chart, projecting the increasing strength of the buyers.

The ALCX Token Features A Rounding Bottom Pattern

The ALCX token shows the formation of a rounding bottom pattern in the 4hr time frame. The pattern has its neckline at the $490 mark, and holds an excellent trading opportunity for the ALCX traders.

The super trend indicator projects an uptrend in this lower time frame.

What is Alchemix?

Alchemix is a DeFi protocol that enables the creation of synthetic tokens that represent a deposit’s future yield. Thus, it allows users to retrieve near-instant tokenized value against interim deposits of stablecoins.

Alchemix protocol’s first version will be launched with a synthetic derivative, “alUSD,” mintable using DAI. To mint alUSD, users collateral DAI into the Alchemist smart contract via hosted UI and then mint alUSD. Finally, the deposited DAI can earn yield by using yearn vaults.

Earlier deposited, capital is allocated to receiving yield, which will ultimately pay back user debt automatically. There are, however, multiple ways in which a user can choose to manage their loan:

Option 1: forget their deposit to continually earn yield, empowering them to periodically bing down their loan collateral.

Option 2: repay the loan quick using alUSD or DAI, empowering them to withdraw their collateral

Option 3: liquidate their mortgage utilizing part of their collateral to repay the loan and allow them to claim whatsoever is remaining.

Conclusion: from the technical perspective, the overall trend of the ALCX token is sideways. The extreme level of this big range is $490 and $205, and the crypto traders can only expect a proper trend in this token once the price breakouts from either of these levels.

Support: $332

Resistance – $410

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