2023-12-2 14:43 |
Alchemix Finance provides self-repaying loans through yield farming, allowing users to post collateral for tracking “alAssets” while governing the protocol with ALCX tokens. Revenue funds buybacks and increases pressure on the token for this Ethereum-based smart contract platform with automatic loan repayments.
Major Analysts Predict Price Spike to $40
With ALCX recently trading around $22, chart analysis from top analysts points to a spike to $40 in the near future. As Jennifer Bakker notes, “$ALCX has yielded an impressive 90% profit since the breakout of the major trendline. A significant positive momentum is observed.”
Technical Analysis and Indicators
World of Charts observes, “$Alcx Moving Towards Targets Running In 55%+ Profit So Far”, indicating substantial momentum already but more room to run. Meanwhile, Universe of Crypto points to a falling wedge pattern on the daily timeframe, confirmed by a breakout and retest, stating “$Alcx successfully achieved 45% of it’s Targets Tll now still more to Go.”
Driving Forces Behind the ALCX Surge
A few key factors appear responsible for driving Alchemix’s recent price action. The protocol’s innovative self-repaying loan model continues gaining traction in DeFi. Additionally, surging governance token buybacks from protocol revenue enhances buying pressure and scarcity for ALCX.
As ALCX maintains its upward trajectory, analysts remain confident of a continued surge to $40. With positive momentum and increasing project adoption, Alchemix presents an opportunity still in its early stages according to expert technical and on-chain analysis.
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The post Why Is Alchemix (ALCX) Pumping? Analysts Confirm Price Still Has up to +100% Room to Run appeared first on CaptainAltcoin.
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