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Bulls hold strong as Alchemist AI pullback amid a rising wedge pattern

by February 27, 2025
written by February 27, 2025

The cryptocurrency market is no stranger to wild swings, and Alchemist AI (ALCH) is proving that volatility is alive and well.

This token, tied to a no-code development platform, Alchemist AI, has captured attention with a dramatic 24-hour surge of over 36%.

However, a closer look reveals a tug-of-war between bullish momentum and a looming bearish signal, as ALCH navigates a rising wedge pattern.

Investors are left wondering: will the bulls hold their ground, or is a breakdown on the horizon?

What is Alchemist AI?

Alchemist AI (ALCH) cryptocurrency powers a no-code development platform where anyone—coders or not—can transform ideas into working applications.

This innovative use case has fueled significant interest in the cryptocurrency, reflected in its $34 million market cap and a staggering $106.99 million in 24-hour trading volume.

That volume, over three times the market cap, signals intense activity.

Furthermore, with 850 million ALCH in circulation out of a 1 billion max supply, the project’s fundamentals seem solid.

Bears put up a spirited fight amid a rising wedge pattern

Technical traders raised eyebrows as ALCH hit a daily high of $0.04755, flirting with a rising wedge pattern on the 15-minute chart.

This formation, often a bearish reversal signal, suggests that upward momentum might be running out of steam.

And sure enough, the price pulled back sharply to a low of $0.02939. It even broke below a key support at $0.042, a level that once held firm.

Alchemist AI price chart by GeckoTerminal

Notably, the immediate resistance level sits stubbornly around $0.045 to $0.046, a zone ALCH touched before retreating.

This dance between support and resistance has analysts on edge.

Bulls fighting back

Despite the pullback, the bulls aren’t waving the white flag just yet. ALCH’s 24-hour gain of 36.4% and a seven-day surge of 119.7% show serious buying pressure.

The token’s bounce from an all-time low of $0.01436 just three days ago, up 175.3%, and the immediate bounce back today after hitting the low of $0.02939 proves resilience.

If the price can flip $0.046 into a new support level, analysts speculate a bullish continuation rally could unfold.

The high trading volume backs this optimism, hinting that buyers are still in the game. For now, the bulls are holding strong, refusing to let the bears take full control.

However, it is not out of the woods yet.

The break below $0.042 raises red flags, especially with the Rising Wedge’s bearish reputation.

If ALCH faces rejection at $0.046 again, a deeper decline could target $0.02. This would mark a significant retreat from its daily high, testing the resolve of newer investors.

The token’s 83.2% drop from its all-time high of $0.2358 on January 2, 2025, serves as a reminder of its volatility.

Alchemist AI price outlook

As at now, ALCH sits at a crossroads. The market metrics, $33.6 million market cap, nearly $40 million fully diluted valuation, suggest a project with room to grow. Yet, the technical indicators paint a mixed picture.

The bulls have momentum, but the break below the rising wedge pattern support hints at fragility.

Whether ALCH surges past $0.046 or slumps toward $0.02, one thing is clear: this token’s journey is anything but predictable.

For now, the bulls are holding strong, but the market’s next move will tell the tale.

The post Bulls hold strong as Alchemist AI pullback amid a rising wedge pattern appeared first on Invezz

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