- ACH price went parabolic on Friday amid robust ecosystem growth.
- The platform has gained substantial market share in the past few weeks.
ACH price surged on Friday as investors cheered the ongoing ecosystem growth. Alchemy Pay’s token surged to a high of $0.0090, which was the highest level since December 14. It has jumped by more than 24% from its lowest level this year, giving it a market cap of over $44 million.
Alchemy Pay ecosystem growth
Alchemy Pay is a fintech company that provides payment solutions to companies in all industries. It simply makes it possible for companies, especially e-commerce providers, to accept cryptocurrency payments.
The idea is relatively simple. If you run an e-commerce store, instead of building your own crypto infrastructure, you just use Alchemy Pay’s product. With the product, you will be able to receive payments in your local currency.
In the past few months, Alchemy has also introduced other services in its ecosystem. For example, it introduced Ramp, a direct-to-consumer crypto exchange platform where one can buy and sell all types of cryptocurrencies. It also started a white label product that helps companies create their branded Visa and Mastercards.
ACH is the token for the ecosystem. It is an integral part of Alchemy’s platform in that it helps the network convert crypto to fiat currencies. It can be pledged, staked, rewarded, accumulated, and paid as fees by participants.
ACH price rallied after a series of positive integration announcements. In a statement, the developer said that they will support local currencies in the Philippines. This means that users will be able to buy cryptocurrencies through local bank transfers and code scanning.
Further, Alchemy Pay is selling a collection of NFTs themed for Christmas. The news came a few days after the network launched NFT Checkout which enables people to buy NFTs using their fiat currencies. Alchemy also inked deals with BitKeep.
ACH price prediction
The four-hour chart shows that the Alchemy Pay price made a spectacular recovery on Friday. This rebound coincided with the rebound of Metal Pay’s MTL, which offers similar products. As it rose, the token managed to move above the important resistance level at $0.0086, which was the highest point on December 20.
Alchemy rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) and the Stochastic Oscillator moved to the overbought level. Therefore, I suspect that the token will nosedive during the Christmas weekend.
If this happens, the next key level to watch will be at $0.0080. A move above the resistance at $0.0090 will invalidate the bullish view.
