Alchemy Pay’s Token Rally

Alchemy Pay’s token rose for three consecutive days as spot and futures market volume surged.

Price Movement

Alchemy Pay (ACH) coin jumped to a high of $0.03585 on Tuesday, its highest level since Feb. 6. It has gained over 45% from its lowest level this month.

Trading Volume

ACH’s rally occurred amid a spike in trading volume. According to CoinMarketCap, its 24-hour trading volume rose by 92%, reaching nearly $300 million. Most of this volume was concentrated on centralized exchanges such as Binance, Bybit, and Coinbase.

Additional data from CoinGlass shows that the ACH price surge coincided with a sharp increase in futures open interest. Open interest jumped to $60 million, the highest level since Feb. 2, primarily on Binance and Bybit.

Futures open interest indicates the volume of unfilled orders for futures contracts. It typically rises with sustained demand in the futures market, which plays a significant role in the crypto industry.

Speculative Buying Factors

There was no immediate Alchemy Pay-related news driving the week’s rally. A possible factor is Alchemy Pay’s participation in Consensus Hong Kong, a major industry gathering featuring leading crypto firms. Investors may be anticipating potential partnerships and deals during the event, leading to speculative buying.

Alchemy Pay has established itself as a key player in the crypto payments industry, offering services such as on- and off-ramps, NFT checkouts, and card processing. The company also launched Alchemy Chain, a Layer 1 blockchain network built specifically for the payments sector. Alchemy Pay has formed partnerships with major financial players, including Visa, Mastercard, Apple Pay, and Nuvei.

Event Promotion

> 🌍💡 Hong Kong, are you ready for Consensus HK? 🇭🇰 Visit #AlchemyPay at Booth 3510 on February 19-20 and experience the power of fiat – crypto payments made simple. 🚀
> Come connect with our team, learn how we’re shaping the future of giat – crypto payments, and grab some…

Alchemy Pay has made several headlines recently, including receiving approval as a digital currency exchange provider in Australia and integrating the MOVE token into its fiat deposit solution.

ACH Price Analysis

The daily chart shows that Alchemy Pay’s price has rebounded over the past three days. The rally began after the token bottomed at the 200-day Exponential Moving Average at $0.02590. ACH has since surged above the 50-day moving average and is approaching a key resistance level at $0.0366. Daily trading volume has also continued to increase.

With this momentum, the ACH price is likely to continue rising, with buyers eyeing the next key resistance at $0.040, which was the highest swing level in December and aligns with the top of the trading range in Murrey Math Lines.

However, there is a risk the token could retreat if no major announcements emerge from the Consensus event in Hong Kong.

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