Alchemy Pay price has started the year well. The ACH token surged to a high of $0.015, the highest point since October 14 of 2022. It has surged by more than 73% from the lowest point in 2022. This makes it one of the best-performing cryptocurrencies in the world. This article will explore why the ACH price went parabolic and whether the trend will continue.
Why is ACH crypto soaring?
There are several reasons why Alchemy price is soaring. First, like other cryptocurrencies, the rising hopes that the Fed will start going slow on its interest rates in 2023. All signs are that American and global inflation will ease in 2023, which will force the bank to adjust its monetary policy. Last week, data showed that the country’s inflation eased to 6.5%. Inflation expectations, as measured by the 10-year breakeven point, has dropped to the lowest point since 2021.
Second, Alchemy Pay is rising because of the soaring digital currencies. Bitcoin has settled about $21,000 while Ethereum has moved above $1,500. Historically, cryptocurrencies tend to move in correlation. In addition, American and global indices like the Dow Jones, Nasdaq 100, and FTSE 100 have all surged in the past few days.
Finally, ACH price has roared back as investors react to the new embrace by Visa, the biggest payment network in the world. Visa listed Alchemy as one of its official service providers. This is another stamp of authority considering that Alchemy has partnered with many other companies like Shopify in the past. Alchemy also partnered with Wonderland, a leading gaming platform. Other reasons why ACH has soared is the recent innovation award from Forbes and its partnership with CoinTR.
Alchemy Pay price prediction
The daily chart shows that the ACH crypto price has made a bullish breakout in the past few months. In this period, it has managed to move above the important resistance point at $0.0090, the highest point on December 23rd. It has also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen above the key overbought point at 76.
Therefore, I suspect that Alchemy Pay price will continue soaring in the coming days. If this happens, the next key level to watch will be at $0.025, which is about 100% from the current level. I also believe that Alchemy has all the ingredients to become a major player in the blockchain industry.