ACH is testing a key resistance level, eyeing a breakout following a prolonged price downtrend over the past few weeks.
Alchemy Pay is a protocol that facilitates the conversion of cryptocurrency assets into fiat currencies in over 173 countries. The network’s token, ACH, is catching traders’ attention as technical analysis hints at a possible price reversal and developing bullish momentum.
A Look into ACH’s Technical Setup
After weeks of price consolidation, ACH appears poised for a price reversal on the 4-hour chart. The coin’s technical setup reveals a falling wedge pattern with the price testing a resistance near the 0.0205 key level. A breakout above its descending trendline could fuel ACH’s bullish momentum as price reverses.
The current setup indicates a decreasing selling pressure and strengthening bullish momentum. If the price breaks above the falling wedge with a high volume, the bulls may rally toward the $0.025-$0.030 zone. On the other hand, a failure to hold above the $0.019 support zone could lead to a further downside following a failed breakout attempt.
As of press time, the coin is trading at $0.02005, a 7.57% price surge over the past 24 hours, per CoinMarketCap data. According to Crypto Analyst World of Charts, the coin sits at a “break or make” moment as traders anticipate a breakout and bullish rally. One should watch out for buying volume and open interest in this key resistance zone for further insights.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
