Alchemy Pay (ACH) risk/reward seems unfavorable for now
Alchemy Pay (ACH/USD) price has continued to defy odds as it becomes one of the top-performing cryptocurrencies. ACH has soared to a high of $0.044, the highest level since April 2022. It has been one of the best tokens, having soared by over ~480% from its lowest level in December.
Alchemy Pay price is soaring mostly because of the bullish momentum and the fact that many traders have embraced fear of missing out (FOMO). This FOMO gained strength after Visa, the biggest financial services company in the world, listed it as a payment provider.
Visa is not the only company to partner with Alchemy Pay. On Monday, the firm said that it had added Google Pay for on-ramp services. This means that users will be able to buy cryptocurrencies in its platform using Google Pay.
📢ANNOUNCEMENT📢#AlchemyPay Adds Google Pay for On-Ramp Fiat-Crypto Purchases
Our on-ramp now supports Google Pay to allow users to purchase crypto quickly, easily, and securely using their fiat currency funds.
Read more here👇https://t.co/iwQI0hnTjg$ACH #FiatOnRamp pic.twitter.com/qPUzBGiUuy
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) February 20, 2023
At the same time, the strong performance of cryptocurrencies like Bitcoin and Ethereum has led to inflows into the industry. Companies like Coinbase and Binance have recorded billions in inflows this year even as regulatory concerns remain.
Therefore, with the number of crypto holders rising, the consensus is that Alchemy Pay will benefit as these people start or continue paying with them. Also, it will benefit as the volume of its on-ramp services makes a strong comeback.
Alchemy Pay price forecast
ACH chart by TradingView
Turning to the daily chart, we see that the ACH price has been in a strong bullish trend since December. It has defied gravity for weeks. As it rose, it managed to move above several resistance levels, with the most recent being the psychological point at $0.30. It also jumped above the resistance point at $0.2254, the highest point on July 19.
Alchemy Pay has jumped above all moving averages while oscillators like the Relative Strength Index (RSI) have moved to the overbought level. I suspect that the coin will likely pull back and retest the support at $0.2254 as profit-taking sets in. This price is about 44% below the current level. In other words, the risk/reward seems unfavourable.
If this happens, ACH price will likely resume the bullish trend and rise to the key resistance point at $0.50.
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