- Alchemy Pay's crypto price has staged a comeback in the past few days.
- The company received a money transmitter license in Arkansas.
Alchemy Pay (ACH) price staged a strong comeback this week as cryptocurrencies continued recovering. The ACH token rose to a high of $0.016, the highest point since August 15th. It has jumped by more than 30% from the lowest level this year. Still, ACH token has dropped by more than 68% from the highest point in 2023.
Alchemy Pay news
Alchemy Pay is a leading player in the cryptocurrency industry. The platform makes it exist at the intersection of cryptocurrencies and fiat currencies. Using its platform, anyone can buy cryptocurrencies using their debit and credit cards, Google Pay, and Apple Pay.
Alchemy Pay also makes it possible for companies to receive payments using cryptocurrencies. Most recently, it unveiled a solution that makes it possible for companies to issue cards with their branding. The service is now being used by many firms in the crypto industry.
The most recent Alchemy Pay news was that the company acquired a Money Transmitter License in the state of Arkansas. The goal is to ensure that the company is compliant in one of the biggest markets in the world.
Another recent news was that Alchemy Pay founder launched a VC fund with $60 million in capital. The new fund will invest in companies in the Web3 and biotechnology industries. I believe that some of the investee companies will also incorporate Alchemy in their payments.
The biggest challenge for Alchemy Pay’s ACH was the hawkish Federal Reserve decision. While the bank decided to leave rates unchanged in its September meeting, officials pointed to higher rates for longer.
ACH crypto price forecast
The daily chart shows that the ACH crypto price bottomed at $0.0126 in September, as I predicted here. It has now bounced back a bit and moved slightly above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) has continued rising and is above the neutral point at 50.
Therefore, Alchemy Pay crypto price will likely continue rising as buyers target the next resistance point at $0.02, ~27% above the current level. The stop-loss of this trade will be at $0.012, the lowest point this month.
