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Alchemix (ALCX) crypto: Why this DeFi platform is rallying today?
Manu Shankar is a senior journalist and editor with over 15 years of experience across leading media houses. At Kalkine, he writes on cryptocurrencies and equity markets. He’s passionate about sports and music….
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Alchemix (ALCX) crypto has been on a bullish trend of late. The DeFi platform, Alchemix in the last month or so has gained over 25% and over 14% in the past week or so. Even on 18 July, the Alchemix crypto is witnessing a minor rally of 2.60% at 9:30 AM (GMT +1), according to CoinMarketCap.
Alchemix acts as a self-repaying loan, which allows the users to leverage a host of tokens without risk of liquidation. Launched in 2021, the Alchemix token stacks multiple protocols on top of each other in order to generate maximum yields using the collateralised assets. Working in a peer-to-peer set-up, once the users deposit their collateral in the Alchemix Vault, the protocol issues alUSD, a synthetic stablecoin, which can be used to swap for other stablecoins, cryptos, etc.
Governed by its native token ALCX, the holders of the tokens get a chance to vote on the protocol to decide on the future governance of the protocol.
Why is Alchemix crypto rallying?
Although the exact reason for the Alchemix crypto is still unclear. But market experts feel it could be rallying on the back of its announcement of Vault Migrator Tool voting wherein the users of the token get to decide on the necessary switches for the launch of the migration tool.
Besides, Alchemix crypto on Friday underwent an update of its UI to accommodate AAVE Vaults. If we look at the charts, it is quite clear that the market activity has more or less flattened despite the good run. The RSI on Monday stood at 53.
Image Credit: Trading View
The MACD line, on the other hand, showcases a different perspective as both the signal line and the MACD line are more or less parallel to each other. For the momentum to get stronger, the Alchemix crypto may require a prolonged rally.
How is Alchemix crypto’s price faring?
Courtesy of the gain, the Alchemix crypto was trading at US$27.75 with a trading volume of US$36,72,018 over a day, according to CoinMarketCap. Alchemix crypto had a live market cap of US $3,74,45,925 with 13,49,363 ALCX coins in circulation.
Alchemix crypto’s rally will definitely be music to the ears of its investors, but at the same time, they must be cautious about the present economic conditions and the volatile crypto market. Therefore, it is important for market participants to do thorough research before entering the crypto space and make decisions based on prevailing trends.
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