- Summary:
- What is the outlook of the Alchemy Pay coin? We explain why the coin may be on the cusp of a bearish breakout.
The Alchemy Pay price has been in a consolidation phase in the past few days. The ACH coin is trading at $0.039, where it has been in the past few days. This price is about 72% from its all-time high, bringing its total market cap to about $160 million. It is among the top 300 biggest digital currencies in the world.
What is Alchemy Pay?
The payment industry is seeing through significant changes. One of the main changes is the confluence of fiat and digital currencies. Today, using some fintech tools, many companies like Nordstrom and GameStop are able to access cryptocurrencies. Alchemy Pay is a company that seeks to bridge fiat and cryptocurrency assets. According to its website, its solution is now being used in over 70 countries globally while the number of fiat channels has risen to over 300.
Some of the top merchants that offer Alchemy are Shopify, Aldo, and PayTend among others. This means that it is possible to use Alchemy in these platforms to pay using both fiat and digital coins. Its blockchain partners are companies like Binance, Okex, Chainlink, Near, and Tron among others.
Alchemy Pay price prediction
The four-hour chart shows that the ACH price has been in a tight range in the past few months. It has crashed by over 72% from its highest level in 2021. The coin has formed a descending triangle pattern that is shown in black. In price action analysis, a descending triangle pattern is usually a bearish sign. It has also moved below the 25-day moving average while the Smart Money Index has dropped.
Therefore, there is a likelihood that the Alchemy Pay price will have a bearish breakout in the coming days. If this happens, the next key support level to watch will be at the all-time low of $0.0326. This view will become invalid if it moves above the upper side of the descending triangle.
