The Alchemy Pay price has surged this week, making it one of the best-performing coins in the crypto industry. The ACH token climbed to a high of $0.0290, its highest swing since March 21, and about 70% above its previous levels.
Why Alchemy Pay Price is Surging
Alchemy Pay price surged after the company acquired a money transmitter license in Arizona. This new license means that the company now holds licenses in several other US states, such as Arkansas, Wyoming, Oklahoma, and New Hampshire.
The money transmitter license allows the company to provide its fiat-to-crypto gateway solutions in these states. It has also acquired licenses in countries like Canada, Australia, and South Korea.
The ACH price also increased after the developers announced their new plans to deepen their emphasis on Real World Asset (RWA) tokenization. RWA technology enables users to convert their physical assets, like real estate and stocks, into transferable tokens that can be traded easily.
Alchemy Pay’s focus on tokenization will be integrating tokenized assets into the Alchemy Chain, its layer-1 network built on the Solana Virtual Machine architecture.
The RWA industry has become popular today. CoinGecko tracks all related tokens, which have a market cap of over $30 billion. These include popular tokens like Chainlink, Ondo Finance, and Ethena.
Alchemy also partnered with Ethena this week, allowing users to acquire USDe and ENA tokens on its platform using a debit or credit card.
Due to Alchemy Pay’s services, ACH is one of the leading utility tokens in the crypto industry. Its main service enables users to buy cryptocurrencies on its platform using their cards and withdraw their coins from their cards or bank accounts.
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ACH Price Technical Analysis
The 4H chart reveals that the ACH price has experienced a strong resurgence in recent days. It has formed a cup and handle pattern, a popular bullish continuation sign in the market.
The Alchemy Pay price has moved above the 50-day and 100-day moving averages and the 23.6% Fibonacci Retracement point. The Average Directional Index (ADX) has risen to 45, a sign that the trend is strengthening.
The BBTrend indicator has also pointed upward. Therefore, the coin will likely continue rising as bulls target the 50% retracement point at $0.03750, up 32% above the current level.
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