Ad

Alchemy Pay (ACH) price zoomed above key resistance: what next?

By:
on Feb 16, 2023
Listen
  • Alchemy Pay’s ACH went parabolic on Thursday.
  • This rebound happened as crypto prices rebounded.
  • Alchemy Pay unveiled a refreshed website.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Alchemy Pay (ACH/USD) price went parabolic on Thursday as cryptocurrencies suddenly woke up. ACH surged to a high of $0.026, the highest level since July last year. It has been in a strong bullish momentum, which has pushed it up by over 225% from its lowest point in 2023.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Alchemy website upgrade

Copy link to section

Alchemy Pay is a company that provides numerous crypto-related services. Its core product is a technology that makes it possible for companies from around the world to accept cryptocurrencies. Instead of doing a lot of programming, companies need to just write a line of code and they are good to go. 

According to Alchemy, its solutions are now available to over 170 countries, as we wrote here. It also supports all cryptocurrencies and over 50 fiat currencies. Some of the companies it powers are HotBit, Near Protocol, OkEx, and BitKeep among others. 

Alchemy is powered by the ACH token, which is an ERC20 token that incentivizes users in the ecosystem. According to its website, it is used to:

“Pay transaction fees, rewards for network use, lowering transaction costs, and it is pledged by business partners during the onboarding process.”

The most recent Alchemy Pay news was that the company became a Visa partner. This was notable since Visa is one of the biggest companies in the financial services industry. It also has a footprint in most countries globally.

The other Alchemy news is that the developers launched a new website that looks more visually appealing than the previous one. 

ACH price forecast

Copy link to section
Alchemy Pay price chart
Alchemy Pay price chart

On the daily chart, we see that the Alchemy Pay price has been in a strong bullish trend in the past few weeks. This rally accelerated on Thursday after the company relaunched a refreshed website. As it rose, the coin managed to move above the key resistance point at $0.022, the previous highest point this year. 

By moving above that level, it invalidated the double-top pattern that has been forming. A double-top is usually a bearish sign. It also moved briefly above $0.024, the highest level on July 20th last year. Therefore, by invalidating the double-top pattern, there is a likelihood that it will continue rising in the near term.

If this happens, the next key resistance point to watch will be at $0.030. A move below the support at $0.02 will invalidate the bullish view.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Crypto