The cryptocurrency market has retreated after starting the week strongly, and most cryptos are now trading in the red zone
The cryptocurrency market isn’t catching a break. The prices of most cryptocurrencies are down again after performing well at the start of the week. Bitcoin’s price is down by more than 4%, reversing the earlier gains it had recorded. Bitcoin is now trading just below $42,000 and could easily lose more ground in the coming hours.
Ether is down by more than 6%, dropping below the $3,000 mark again after a weekend rally saw it surpass the $3,100 resistance point. Alchemy Pay (ACH) isn’t any different. The cryptocurrency has been underperforming over the past 24 hours as the broader crypto market undergoes yet another correction.
ACH could experience further losses in the coming hours unless the market situation is reversed and coins start rallying again.
Alchemy Pay price prediction
The ACH/USD 4-hour chart is now bearish after a bullish performance yesterday. Its MACD line has just slipped into bearish territory, while its relative strength index (RSI) of 36 shows the cryptocurrency is currently oversold. The technical indicators point to further negative correction in the coming hours.
At the moment, ACH is trading at $0.06 per coin, down by roughly 5% in the past 24 hours. If the current bearish sentiment grows stronger, ACH could drop below the first support at $0.0556 per coin. An extended period of bearish performance could see ACH drop even further and head towards the $0.04466 support, which was last visited earlier this month.
ACH/USD 4-hour chart. Source: TradingView
However, if the bulls regain control, ACH could move past the $0.0680 pivot (which is also its 50 SMA) and rally past its first major resistance level at $0.0734. Support from the broader cryptocurrency market could see ACH rally higher towards the next major resistance level at $0.0866, which is close to its 200 SMA at $0.08445.
However, with the current market conditions, ACH is likely to drop lower and trade around the $0.055 region in the coming hours.
