- ACH has surged 60%, reaching $0.02885, with a market cap of over $242 million.
- Alchemy Pay is advancing into RWA tokenisation and stablecoin support.
- ACH shows strong technical signals, suggesting potential for further growth.
Alchemy Pay (ACH) has staged a major comeback recently, emerging as one of the top-performing altcoins across the cryptocurrency market. On Tuesday, the ACH token surged to a high of $0.02885, its strongest level since March 21, marking a 60% increase from recent lows. This notable rally has driven Alchemy Pay’s market capitalisation to exceed $242 million.
Factors Behind Alchemy Pay Price Rally
Alchemy Pay has become a leading name in the blockchain payment field. It offers a suite of services, including crypto on- and off-ramps, token listing support, and ease of on- and offline crypto transactions.
One of the core offerings of the platform is the ease with which a user can buy digital assets on the platform quickly and seamlessly. Furthermore, Alchemy Pay empowers people to have the means of converting crypto into fiat, from where they can transfer funds directly into traditional banking channels or other payment processors.
In further strengthening its ecosystem, the company recently introduced the Alchemy Chain, a layer one blockchain that can be used to build the next generation of international payment application infrastructure. It is designed to increase the scalability of payment services and offer cross-border payment solutions more smoothly.
Alchemy Pay’s strategic expansion into Real World Asset (RWA) tokenisation and the stablecoin sector coincides with the recent price surge of ACH. Through its growing platform, users will shortly be able to trade tokenised assets that represent investments in tangible assets, including real estate, U.S. equities, Treasury securities, and managed funds.
Tokenisation begins with identifying a real-world asset via on-chain migration and tokenisation to digital tokens. In other words, these assets will become available for purchase by the major fiat currencies and cryptocurrencies, thus making them available globally.
Alchemy Pay plans to create a unique public blockchain to support stablecoins‘ most often used tokens, such as Tether (USDT) and USD Coin (USDC). The long-term vision is to create a borderless financial ecosystem where liquidity is unified from multiple blockchains, creating a low-cost financial environment.
Alchemy Pay Futures Open Interest Signals Investor Momentum
Futures open interest rose sharply, while ACH’s price moved bullish. CoinGlass data shows that the open interest surged to $29 million on Tuesday, the highest since February. It’s more than the monthly low of $10 million.
Rising open interest is customarily considered a positive signal of market participants’ participation in futures contracts, which is usually taken as a favorable sign for price momentum. But keep in mind that the funding rate, a key gauge of sentiment between long and short positions, has plunged. The rate has fallen from a high of 0.00305 to the current level of -0.39, which some traders see as bearish.
ACH Price Analysis
Looking at the ACH price chart, the ACH price is experiencing a robust bullish trend. The token is still trading above a long-term ascending trendline that goes back to August of last year. ACH has risen above the 50-day and 100-day Exponential Moving Averages (EMA), firmly indicating that a bullish bias is defined.
Furthermore, the chart pattern has also created an inverse head and shoulders, a popular symbol for a possible uptrend. This pattern is complemented by upward momentum indicators such as the Relative Strength Index and the Moving Average Convergence Divergence.
Market bulls have recently started to build momentum, with the next level of key resistance sitting at $0.040, last tested on December 6. If stock prices were to reach this level, it would be a 47% positive change from where they are currently trading. Nevertheless, the prevailing bullish scenario would be invalidated if the $0.0240 critical support zone is broken.
