ACH Forms a Descending Triangle Pattern
The Alchemy Pay price has gone nowhere in the past few days as investors assess the ecosystem’s growth. The ACH token is trading at $0.040, where it has been in the past few days. This price is close to its year-to-date low of $0.037 and is about 41% below its all-time high. In addition, its market cap has dropped to about $168 million.
Alchemy Pay is a blockchain project bridging the gap between cryptocurrencies and fiat currencies. It allows companies to accept fiat and digital currencies like Bitcoin and Ripple. The coins have been integrated into multiple platforms like Shopify, OTT Pay, Paytend, and ALDO. Its blockchain partners are platforms like Near Protocol, Polygon, Tron, and Chainlink, among others.
Alchemy Pay was built using Ethereum’s network. Recently, the network used Multichain to bridge to the Binance Smart Chain (BSc). This is notable since BSc is significantly faster than Ethereum.
Another reason why the ACH price has been in the spotlight is the relationship between the platform and GrePay. GrePay is a payment processor with over 100 local payment channels and handles over 200k transactions per day. As a result of this transaction, Alchemy Pay will integrate with Payby, a leading United Arab Emirates mobile payment provider. It also partnered with Bit Store, a social cryptocurrency investment platform.
Alchemy Pay price prediction
The four-hour chart shows that the ACH price has been in a tight range in the past few days. The price is slightly above the key support at $0.037. It has also formed a descending triangle pattern, usually a bearish signal. The 50-day moving average has also flattened while the MACD and the Relative Strength Index has moved to the neutral level.
Therefore, the path of the least resistance for the Alchemy Pay price is bearish. Therefore, the coin will likely have a bearish breakout in the near term. The next key support to watch will be at $0.035. This view will be invalidated if it moves above $0.043.
