Alchemy Pay price has been on a long downtrend, going back three weeks. The coin has generally had it rough in April and has only traded above $0.045 once. Therefore, based on its current price of $0.033, it seems like a long journey back up to establish a stable uptrend.
Also, the ACH price has lost about 15% of its value over the past 30 days and is down by 10.7% over the past week. ACH’s price registered its weekly high of 0.044 on April 13th, and a return to this level will signal a potential reversal in the coming week.
ACH Price to gain from increased merchant adoption
Alchemy Pay is a potential market disruptor in the payments sector, thanks to its ability to act as a bridge between crypto and fiat currencies. Therefore, its adoption by merchants and financial services providers will be key to its success and appeal to investors. In its latest win, Alchemy Pay has partnered with merchant payment provider ePayments to offer crypto services to its clients in Australia and New Zealand. That means that Alchemy will provide the infrastructure for merchants that accept crypto in the two countries.
Alchemy Pay’s hybrid model supports crypto and fiat payments. This means its more adoptable to the mainstream financial system. ePayments primarily supports merchants in the hospitality sector and airports. Notably, Australia and New Zealand have been experiencing strong crypto adoption, and therefore ACH’s entry is likely to succeed. Consequently, this could spur a significant rise in ACH price.
Alchemy Pay Price Prediction
Alchemy Pay’s price is currently below the three-month support level of $0.0357. Therefore, moving above this level will be critical to facilitating a reversal. However, the market momentum is weak, with the 25-EMA significantly below the 50-EMA.
Also, the RSI is at 37 and below the 14-SMA. Therefore, a bearish momentum seems to be at play. For ACH price to have a shot at a near-term reversal, it will need to stay above $0.032 to have a shot at $0.039, which is slightly above the 25-EMA. A break above $0.039 will likely create strong momentum for a reversal.