Here’s why Alchemy Pay’s ACH price is rising

Alchemy Pay’s token rose for three consecutive days as spot and futures market volume surged.

Alchemy Pay (ACH) coin jumped to a high of $0.03585 on Tuesday, its highest level since Feb. 6. It has gained over 45% from its lowest level this month.

ACH’s rally occurred amid a spike in trading volume. According to CoinMarketCap, its 24-hour trading volume rose by 92%, reaching nearly $300 million. Most of this volume was concentrated on centralized exchanges such as Binance, Bybit, and Coinbase.

Additional data from CoinGlass shows that the ACH price surge coincided with a sharp increase in futures open interest. Open interest jumped to $60 million, the highest level since Feb. 2. Most of this interest was concentrated on Binance and Bybit.

ACH open interest | Source: CoinGlass

Futures open interest is an important data that looks at the volume of unfilled orders of futures contracts. It usually rises when there is a sustained demand in the futures market, which accounts for a sizable share in the crypto industry. 

There was no immediate Alchemy Pay-related news driving this week’s rally. A possible factor is Alchemy Pay’s participation in Consensus Hong Kong, a major industry gathering featuring leading crypto firms. Investors may be anticipating potential partnerships and deals during the event, leading to speculative buying.

Alchemy Pay has established itself as a key player in the crypto payments industry, offering services such as on- and off-ramps, NFT checkouts, and card processing. The company also launched Alchemy Chain, a Layer 1 blockchain network built specifically for the payments sector. Alchemy Pay has formed partnerships with major financial players, including Visa, Mastercard, Apple Pay, and Nuvei.

Alchemy Pay has made several headlines in recent weeks. The company recently received approval as a digital currency exchange provider in Australia and integrated the MOVE token into its fiat deposit solution.

ACH price analysis

Alchemy Pay price chart | Source: crypto.news

The daily chart shows that Alchemy Pay’s price has rebounded over the past three days. The rally began after the token bottomed at the 200-day Exponential Moving Average at $0.02590.

ACH has since surged above the 50-day moving average and is approaching a key resistance level at $0.0366. Daily trading volume has also continued to increase.

Given this momentum, the ACH price is likely to continue rising, with buyers eyeing the next key resistance at $0.040, which was the highest swing level in December and aligns with the top of the trading range in Murrey Math Lines.

However, there is a risk that the token could retreat if no major announcements emerge from the Consensus event in Hong Kong.