The Alchemy Pay price has been ugly lately. After ACH soared to an all-time high of $0.1344 in January, its price has plummeted by over 68%. As a result, the coin’s market cap has crashed to about $178 million, making it the 329th biggest cryptocurrency globally. It had a market value of almost $400 million at its peak.
There are several reasons why the Alchemy Pay price has struggled lately. First, interest in the coin in search engines and social media has declined sharply. This happened as the latest news about the foin faded. For example, two weeks ago, the developers announced that they had partnered with GrePay to expand cryptocurrency payments.
Another news was that it debuted at the Binance Smart Chain in March. And last week, it partnered with VeChain to facilitate fiat and cryptocurrencies on the Thor platform. At the time, Alchemy’s CEO said: “VeChain is a leading blockchain project that has attracted a great deal of support and interest from developers and has an impressive ecosystem. Our partnership with them will improve their access to users and increase the possibilities for developers on Thor.”
Historically, most cryptocurrency prices tend to decline sharply after the initial breaking news fizzle. For example, the ApeCoin price has dropped sharply after the initial pump. Still, there is a likelihood that Alchemy Pay will gain traction in the coming years since it is still a young project. However, it is already being supported in 70 countries and has access to over 2 million merchants through its various partnerships.
The four-hour chart shows that the Alchemy Pay price has been in a tight range in the past few weeks. As a result, the coin has formed an ascending channel pattern. At the time of writing, it is staring at the lower side of this channel and moved slightly below the 25-day moving average.
Therefore, there is a likelihood that the coin will soon have a bearish breakout, with the next support being at $0.038. As I wrote in my last ACH prediction, the coin had also formed a descending triangle pattern.
This post was last modified on %s = human-readable time difference 09:45