The Alchemy Pay (ACH) crypto price has fallen by 75.9% in 2022 but could be headed higher if today’s rally leads to a sustained uptrend. However, despite the token’s tough luck this year, alchemy Pay is a project with real-world applications that could see the platform being used on a global scale.
Alchemy Pay is a payments solutions provider that seeks to bridge the gap between fiat and crypto payments networks. The platform is easily accessible on ‘Point of Sale’ (PoS) systems in over 70 countries, with the main advantage of allowing merchants to receive payments in their preferred currencies despite what their customers use to pay.
The Alchemy Pay system recently expanded to Australia and New Zealand, two countries that have witnessed the string adoption of crypto. The platform will be used to allow merchants to accept crypto payments.
Alchemy Pay has significant growth potential as the transactions processed by the network keep increasing, which should boost its native token, ACH. In addition, the platform also offers a crypto-fiat wallet that its clients can convert their fiat holdings into crypto and their crypto holdings into fiat currencies.
The Alchemy (ACH) crypto price has fallen heavily from its August 2021 highs of $0.1996 to $0.015. However, there is hope that ACH crypto can turn around its fortunes and start rising again.
ACH rallied higher today in line with the broader crypto industry and could be headed much higher if the uptrend continues. Meanwhile, investors interested in the coin should stand by and not buy just yet until we get confirmation that a new uptrend could have begun.
I would hold off until we get a string rally past the $0.02 level before buying. A rally past the $0.0333 resistance level would prove that a new uptrend exists. I would add to my position at this time or open a new position if I had stayed out up to this point.
Meanwhile, a break below the current $0.0139 resistance level would invalidate my bullish thesis.
*This is not investment advice. Always do your due diligence before making investment decisions.
ACH crypto daily price chart.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading