Alchemy Pay (ACH) Price Could Increase 40% in Next Few Days as Money Transmitter License Received in the US
The price of Alchemy Pay (ACH) has broken above a crucial resistance level and is showing decisive bullish signals. It is expected to rise further in the coming days.
Recently, Alchemy Pay has obtained a Money Transmitter License in the state of Arkansas, USA. This could have a positive impact on the ACH price, as it is the first license allowing them to access potential customers in the United States.
Descending resistance line
The price of Alchemy Pay (ACH) had been trading below a descending resistance line since reaching a local high of $0.045 on April 9, 2023. During this period, the price was rejected multiple times by the resistance line and reached a yearly low of $0.0127 on September 4.
The price has been moving higher since then, breaking above the resistance line on September 14. This indicates that the correction phase has ended, and a new uptrend has begun.
This view is reinforced by the fact that ACH has formed a bullish structure since the start of the upward movement. This is typically the foundation for a new uptrend.
The daily RSI indicator has also formed a bullish structure and is maintaining levels above 50, indicating that the bulls are in control of the market.
Therefore, the price of ACH is likely to continue rising towards the nearest horizontal resistance at $0.023, marking an increase of over 40% from the current price.
Short-term outlook
The 4-hour chart shows that the price of ACH has broken above a rounding bottom pattern today. This suggests that the ACH price may have formed a local bottom, and a new uptrend is likely to occur.
A movement equal to the height of the rounding bottom would take the price to $0.019.
Conclusion
The most likely outlook suggests that the price of ACH will rise further in the coming days. The nearest target is $0.019, with a potential higher target at $0.023.
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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