The Alchemy Pay price has reversed the bearish trend of the past two trading sessions by gaining almost 2 percent today in the markets. The reversal comes amidst a slowdown in the aggressive bullish trend that has resulted in its value surging by over 40 percent in the first three weeks of the year.
Why is Alchemy Pay Price Surging?
The recent surge of Alchemy Pay price has partly been due to the platform’s efforts in demonstrating its mainstream-friendly fiat-crypto payment services in major industries. In the recent event called POW’ER 2023 Hong Kong Web3 Summit, the company was able to demonstrate how its network infrastructure could be helpful to by pivoting it to direct-to-customer services, which are highly versatile and customizable on & off-ramp (plugin or API) and NFT Checkout that are suitable for web3 platforms and token issuers of all sizes.
The current surge also comes when the entire cryptocurrency industry is on an upswing. Due to its significant correlation with the industry, the recent growth has also seen its value going up as investors continue their return on cryptocurrency projects.
The recent surge also comes amidst the Alchemy Pay partnership with Visa, which has listed it as an official service provider and part of Visa’s Third Party Agent (TPA) program. This has seen a surge in the utility of the token, with people in more than 170 countries now able to easily access the Alchemy Pay platform and services through the TPA program. The announcement’s impact may also be a contributing factor to the continued increase in its prices in the markets and the surge in its daily transaction volume.
Alchemy Pay Price Forecast
As seen from the above fundamental analysis, there are many reasons that show a high likelihood of an ongoing Alchemy bullish trend. On the technical side of things, the price action that has resulted in a 40 percent price surge year-to-date is also looking likely to continue.
Therefore, my Alchemy Pay price forecast expects the bullish trend to continue. There is a high likelihood that we might see it trading above the $0.015 price level, and for the long term, we may see it surge and trade above $0.020.