Alchemy Pay price goes parabolic: is ACH a good buy today?

Alchemy Pay price has rebounded in the past few days, making it one of the top-performing altcoins in the crypto industry. The ACH token rose to a high of $0.02885 on Tuesday, its highest point since March 21, up by 60% from the current level. This rebound has pushed its market cap to over $242 million.

Why ACH price is surging

Alchemy Pay is a top crypto project in the payment industry. It offers a few services, including an on and off ramp solution, card payments, token listing facilitation, and crypto payments.

Alchemy Pay’s key solution is to provide an easy way to buy cryptocurrencies quickly. It also provides a solution for people to exchange their tokens for cash, which is then moved into bank accounts and other payment gateways. 

Alchemy Pay also launched the Alchemy Chain, a layer-1 network that developers can use to build applications. Specifically, the chain focuses on international payments, helping developers create solutions to scale their services. 

The ACH price has surged recently after the developers announced their entry into the Real World Asset (RWA) tokenization and stablecoin industries. Its platform will enable users to easily trade top tokenized assets in areas like real estate, US stocks, Treasury bills, and funds. 

The concept behind this is simple in that it will begin with a real-world asset, which will then be brought on-chain and tokenized. Users will be able to buy these assets either with cryptocurrencies or fiat currencies. 

In terms of stablecoins, the developers hope to be a specialized public blockchain centered on tokens like Tether and USD Coin (USDC). Its goal is to aggregate the liquidity of these stablecoins across all blockchains. The goal is to create a borderless financial ecosystem with low transaction costs.

ACH futures open interest rising

The Alchemy Pay price has done well in the past few days as the futures open interest has soared. Data by CoinGlass shows that the open interest rose to $29 million on Tuesday, the highest swing since February this year. It has jumped from a low of $10 million this month.

Cryptocurrencies often do well as the futures open interest continues rising. That’s because it is a figure used to show the volume of call and put options in the market. 

The risk, however, is that the funding rate has plunged minus 0.39, down from last week’s high of 0.00305. A negative funding rate is often seen as a bearish sign.

Alchemy Pay price technical analysis

ACH price chart | Source: TradingView

The daily chart shows that the ACH price has been in a strong bullish trend in the past few days. It has remained above the ascending trendline that connects the lowest swing since August last year. 

Alchemy Pay price has moved above the 50-day and 100-day Exponential Moving Averages (EMA), a bullish signal.

The token has also formed an inverse head and shoulders pattern, a popular bullish sign. Also, the Relative Strength Index (RSI) and the MACD have pointed upward. 

Therefore, the token will likely continue rising as bulls target the key resistance point at $0.040, the highest swing on December 6. That target is about 47% above the current level. However, a drop below the key support at $0.0240 will invalidate the bullish outlook.