Alchemy Pay is “near breakout,” with charts indicating a potential 80% surge

Alchemy Pay (ACH) has been experiencing a notable surge, reaching its highest price since February 2022, following a strong rally that brought its price up by 730% from its lowest level in 2023. As of now, the cryptocurrency is trading at $0.0585, pushing its market capitalization beyond $452 million.

This impressive growth follows a series of positive developments for Alchemy Pay, the most significant being its receipt of a digital currency exchange provider license in Australia. The company now holds 12 licenses globally, including important licenses such as a US money transmitter license and approval from the UK’s API regulatory body. These regulatory milestones have enhanced its credibility and expanded its operational capabilities. The company is optimistic about acquiring even more licenses in the coming months, which should further cement its position in the market.

In addition to its regulatory successes, Alchemy Pay has forged a strategic partnership with Movement, a blockchain network focused on enabling users to build quality applications. This collaboration is particularly noteworthy because Movement unites Ethereum Virtual Machine (EVM) and Move-based ecosystems, creating a bridge between two major blockchain technologies. Through this partnership, users can now easily onboard to Movement’s network and purchase the MOVE token using traditional payment systems like Visa and Mastercard, expanding access to the crypto space for non-crypto natives.

Alchemy Pay’s core offering involves bridging cryptocurrencies and over 50 fiat currencies, including major ones like the US dollar and the euro. It also provides fintech solutions that enable businesses to accept crypto payments and convert them into local currencies, adding value to the mainstream adoption of cryptocurrencies. Recently, Alchemy Pay launched Alchemy Chain, a high-performance layer-1 solution designed specifically for the payment industry, further strengthening its position as a leading player in the crypto sector.

On the financial front, venture capital firms have also shown confidence in Alchemy Pay, with its most recent funding round raising $10 million, giving the company a valuation of approximately $400 million. These investments and the company’s growing global presence are seen as strong indicators of its potential for continued success.

According to Mirhir N., founder of Rhythmic Analyst, Alchemy Pay is on the verge of a breakout, with technical analysis indicating that the price could continue its upward momentum. The weekly chart reveals that ACH has recently broken through a key resistance level of $0.0515, which corresponds to its highest price point from March 11 and the 23.6% Fibonacci Retracement level. Additionally, the price has surpassed the 25-week moving average, signaling that bullish momentum is gaining strength.

If the momentum continues, the next major price target for Alchemy Pay would be $0.0930, which is the 50% Fibonacci Retracement level. This represents an 80% increase from its current price, suggesting the potential for substantial gains in the near term.

In summary, Alchemy Pay’s recent regulatory progress, strategic partnerships, and technical indicators all point to the possibility of continued growth. With its expansion into new markets, regulatory approvals, and the launch of new products, Alchemy Pay appears to be positioning itself for a strong breakout, with the potential for significant gains in the months ahead.