Alchemy Pay price made a strong recovery, hitting its highest level since February 2022, after making strong regulatory progress.
Alchemy Pay (ACH) coin rose to a high of $0.0585, up by 730% from its lowest level in 2023, and pushing its market cap to over $452 million.
The rally happened after the company received a digital currency exchange provider license in Australia. It now has 12 licenses globally, and the management hopes to receive more in the next few months. It also has a US money transmitter license and a UK API approval.
Alchemy Pay also reached a major milestone by partnering with Movement, a blockchain network that allows users to build quality applications.
It unites Ethereum Virtual Machine and Move-based ecosystems. The new partnership lets people onboard easily to Movement’s network and also buy the MOVE token using Visa, Mastercard, and other payment gateways.
Alchemy Pay has become one of the biggest players in the crypto industry. Its main product is one that allows to bridge cryptocurrencies and over 50 fiat currencies like the US dollar and the euro.
It also offers fintech solutions that help companies accept cryptocurrencies and receive funds in local currency. Most recently, it launched Alchemy Chain, a high-performing layer-1 solution for the payment industry.
Venture capital firms have also funded Alchemy Pay, with the most recent funding of $10 million valuing it at about $400 million.
Rhythmic Analyst founder Mirhir N. noted on X that Alchemy Pay “is near breakout.” See below.
Alchemy Pay price forecast
The weekly chart shows that the ACH price has made a strong breakout this week. This rebound moved above the key resistance level at $0.0515, its highest swing on March 11 and the 23.6% Fibonacci Retracement level.
This price was also the neckline of the slanted triple-bottom pattern. Alchemy has moved above the 25-week moving average, a sign that bulls are in control for now.
Therefore, the coin will likely keep rising, with the next point to watch being at $0.0930, the 50% Fibonacci Retracement point, which is about 80% above the current level.
