Alchemy Pay (ACH) Price Approaches Critical Resistance, Is a Breakout Happening?
The price of Alchemy Pay (ACH) is currently facing a crucial horizontal resistance level. However, technical indicators and price action suggest that it will break above this level and move higher.
Weekly Outlook
The price of Alchemy Pay (ACH) has formed a double-bottom pattern since bouncing from the support zone at $0.013 in the week of October 16 to 23. This is a bullish pattern often seen at the end of a downtrend.
Indeed, the price completed the pattern after breaking above the neckline at $0.017 in the week of October 30 to November 5 with a large bullish candle.
This indicates that the previous downtrend has ended, and a new uptrend may begin.
The weekly RSI has surged above the 50 level and is sloping upward, supporting the start of a new upward trend.
If the price continues to rise, the long-term resistance level to watch is $0.03, which is 36% higher than the current price.
Crucial Horizontal Resistance
The daily chart shows that the ACH price is currently testing the horizontal resistance zone at $0.023. This is a significant area as it has played the role of support and resistance since February 2023. Therefore, the bears are likely to defend this zone vigorously.
However, after being rejected from this area yesterday, the ACH price confirmed $0.017 as support (green arrow) and created a very long lower wick.
This is a sign of buying pressure, indicating that bulls are buying aggressively at lower levels.
The daily RSI supports the potential for further upward movement as it enters the oversold region but has not yet formed any bearish divergence.
Therefore, the ACH price is likely to break above this zone and rise even higher in the coming days.
Conclusion
The most likely scenario suggests that the ACH price will break above the $0.023 resistance zone and move towards the next resistance level at $0.03.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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