- ACH token price rallied after the new Alchemy Pay and Dodo partnership.
- Binance also added ACH into its VIP lending platform.
- Alchemy recently raised $10 million from DWF, a VC firm.
ACH, Alchemy Pay’s token, made a bullish breakout on Friday as demand continued rising. The token jumped to a high of $0.9442, the highest level since March 19 of this year. It has jumped by 510% from its lowest point in January, making it one of the top-performing cryptocurrencies.
Alchemy Pay growth continues
2023 has been a good year for Singapore-based Alchemy Pay. The good news started earlier this year when Visa announced that the company would become a partner. This was a validation for the company’s platfform considering that Visa is one of the biggest financial services companies in the world.
The impressive news continued this month when the developers announced their plans to expand to South Korea after receiving a $10 million investment from DWF. The new fundraising valued the company at more than $400 million, making it one of the most valuable startups in the space.
There have been other important news that have pushed the ACH price higher. For example, the company partnered with OKX, one of the biggest players in the crypto industry. This partnership means that OKX customers will be able to deposit and withdraw their funds in local currencies.
The low-cost transaction will take a few minutes to complete. As a result, traders believe that other companies will start using the service.
ACH price jumped on Friday after the company announced a partnership with Dodo. Dodo, an algorithmic trading platform, will also use Alchemy Pay’s service to handle its payments. The statement added:
“As a decentralized trading platform that uses the innovative Proactive Market Maker (PMM) algorithm, DODO traders are ensured the best Web3 asset prices from deep on-chain liquidity.”
The other top catalyst for the ACH price was news that it was added in Binance VIP Loan and Flexible Loan products. Binance VIP Loan is a personal and institutional over-collateralized product with encouraging rates.
ACH price prediction
The daily chart shows that Alchemy Pay price has been in an upward trend in the past few days. Most recently, the token managed to move above the upper side of the symmetrical triangle pattern shown in green. The coin is also being supported by the 25-day and 50-day moving averages.
Most importantly, the token tested the key resistance at $0.044, the highest point on March 19. Therefore, with signs of a triple-top pattern emerging, caution is warranted at this stage. A bullish breakout will only be confirmed if the token manages to move above the key resistance at $0.045. If this happens, the next level to watch will be at $0.06.
