Alchemy Pay (ACH) appears to have entered an important consolidation phase. The coin has moved largely sideways after coming under pressure in the past two weeks. But despite this, ACH still remains in a bearish trend, and it will take something special to break this. Here are some facts:
ACH has been bouncing off a very wide range, indicating wild volatility.
The coin is over 77% lower than its 2021 all-time highs
It remains below the crucial 25-day SMA, suggesting more weakness.
Data Source: Tradingview
Alchemy Pay (ACH) – when will the downtrend break?
It's very hard to say right now when or how ACH will break this downtrend. After all, there are just too many risk factors. The threat of inflation, global economic fallout due to rising energy prices, and the war in Europe are some of the factors weighing down sentiment.
We expect the coin to continue dropping before it bottoms at its $0.032 support. After that, bulls can try to find any demand. At the time of writing, ACH was selling at $0.039. There is therefore still a long way to go before we reach the bottom.
We do not expect ACH to reclaim its all-time highs anytime soon as well. The coin will still remain volatile and could be perfect for short-term plays. As of now, ACH has a market cap of around $160 million and trade volume remains very low.
Is Alchemy Pay (ACH) sustainable?
Crypto-based payments are going to become huge in the near future. There are a ton of companies out there that are investing heavily in these projects and as such, Alchemy Pay (ACH) will get a lot of competition.
But this should not worry any investor. ACH has already established itself within both the centralised and decentralised payment ecosystem. It surely has so much potential for the future.