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Alchemy Pay (ACH/USD) price made a strong recovery on Monday as investors reacted to the latest company news. ACH token jumped to a high of $0.037, which was about 60% above the lowest level in March.
Alchemy Pay raises capital
Alchemy Pay is one of the fastest-growing companies in the blockchain industry. It provides numerous services like an on and off ramp, a non-fungible token (NFT) checkout and a crypto payment solution. The crypto on-ramp service enables companies to access cryptocurrencies. This solution has seamless integration, competitive fees, and peerless payout speeds.
Alchemy Pay’s NFT solution makes it possible for brands to sell their NFTs easily. As a result, buyers can pay for NFTs with debit and credit cards and other local payments. Most importantly, the company enables firms to accept Bitcoin and other cryptocurrencies.
The most recent Alchemy Pay news was that it raised $10 million at a $400 million valuation. It raised these funds from DWF Labs. The firm said that it will use these funds to expand its business in South Korea. The goal is to help South Korean companies integrate cryptocurrencies in their strategy. In a note, the ecosystem lead at Alchemy Pay said:
“The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the Korean market and expanding its payment services in the region.”
Alchemy Pay has been growing its business. Its most recent news was that it had partnered with OKX, a leading crypto exchange. The partnership will see the exchange simplify its payment solutions, meaning that customers will be able to buy crypto in their local currencies.
Alchemy Pay has also recently partnered with Berkah Digital, Binance, and Conflux Network.
ACH price prediction
The daily chart shows that the ACH crypto price has been in a strong bullish trend in the past few months. It has formed a double-top pattern at $0.0442. In price action analysis, this pattern is usually a bearish sign. At the same time, the coin moved above the 50-day exponential moving averages (EMA).
The Relative Strength Index (RSI) and the MACD have formed a bearish divergence pattern. It has also formed a symmetrical triangle pattern shown in green.
Therefore, Alchemy Pay’s token will likely have a bearish breakout as sellers target the key support level to watch at $0.0222. This price is the neckline of the double-top pattern.
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