The token of Alchemi Pay increased for three consecutive days, as the spots and futures market volume increased.
Alchemy pay (ACH) coin jumped at a high level of $ 0.03585 on Tuesday, its highest level since 6 February. This month has increased by more than 45% from its lowest level.
The Ach rally took place amidst the spike in the trading volume. As CoinmarketcapIts 24-hour trading volume increased by 92%, reaching about $ 300 million. Most of this volume were focused on centralized exchanges such as Binens, Bibit and Coinbase.
Additional data of coinglass shows that Ach price increased futures with a sharp increase in open interest. The open interest rose by $ 60 million, the highest level since February 2. Most of this interest were focused on Benance and Bibit.
Futures Open Interest is an important data that looks at the amount of incomplete orders of futures contracts. This usually increases when there is a continuous demand in the futures market, which is responsible for a large stake in the Crypto industry.
This week’s rally did not have any immediate news related news. A potential factor is the consensus of the alchemy pay in the unanimous Hong Kong, a major industry, characterized by major crypto firms. Investors may have a possible participation and deals during the incident, causing speculations to be purchased.
Alchemy Pay has established himself as a prominent player in the Crypto Payments Industry, which offers services like On-Ramp, NFT Checkout, and card processing. The company also launched the Alchemy Chain, a layer 1 blockchain network designed for the payment area. Alchemi Pay has shared partnership with major financial players including Visa, MasterCard, Apple Pay and Nuwei.
Alchemy Pay made many headlines in recent weeks. The company recently received approval as a digital currency exchange provider in Australia and integrated the move in its Fiat Deposit Solution.
Price Price Analysis
The daily chart suggests that the price of alchemy pay has been rebound in the last three days. The rally started at $ 0.02590 after the 200-day exponential moving averages went under the token.
The 50-day moving has increased above the average since Ach and is reaching a major resistance level at $ 0.0366. Daily trading volume has also been increasing.
Given this speed, the price of ACH is likely to continue, buyers saw the next major resistance at $ 0.040, which was the highest swing level in December and aligns with the top of the trading range in Murre Math lines .
However, there is a risk that the token may retreat when there is no major announcement from the consensus incident in Hong Kong.
