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Alchemy Pay surged to the highest point since July 2022.
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Twitter is looking to build a payment platform with crypto features.
Alchemy Pay’s (ACH) price surged to the highest point since July 2022 as the small-cap token continued its recovery process. ACH jumped to a high of $0.018, which was about 131% above the lowest level in 2022. According to CoinMarketCap, Alchemy has a market cap of over $78 million.
Twitter looking for crypto payments
Alchemy Pay is a leading company that provides crypto payment solutions. It works as the middleman who helps companies from around the world. Instead of building their own payment infrastructure, these companies use its technology easily.
Alchemy has partnerships with some of the biggest companies in the world like Shopify, which is one of the top e-commerce providers. Shopify hosts millions of e-commerce stores in its ecosystem. Shop owners can then easily implement Alchemy by using its marketplace plugin.
Alchemy Pay also has a platform where users can easily buy cryptocurrencies. It is also a Visa partner, meaning that users can use their cards to pay with crypto, as we wrote here.
ACH price is rising after the Financial Times reported that Elon Musk was still pushing forward with his Twitter payment options. He wants the social media company to become a leading player in an industry that is seen as highly competitive.
The report also noted that crypto is part of that payment option. As such, investors hope that Musk could turn to Alchemy for this service. Alchemy itself sent a tweet making the case of integrating with its platform. It is still unclear whether Musk will turn to the company.
Great that #ElonMusk is pushing on with #TwitterPayments! We 💕 payment innovation e have a headstart on Twitter with our fiat-crypto payment gateway…and we'd be happy to support you @Twitter 😊
Try our on & off ramp here: https://t.co/gSlSdmcp2L #AlchemyPay $ACH #Payments pic.twitter.com/6P757k2Mfj
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) January 31, 2023
Alchemy Pay price prediction
Turning to the daily chart, we see that the ACH price has been in a strong bullish trend in the past few days. It has risen in the past five straight days. And as it rose, the token moved above the important resistance point at $0.015, the upper wick on January 16 and October 25 last year. The coin has moved above all moving averages and is below the 50% Fibonacci Retracement level.
Therefore, Alchemy seems to have a bullish momentum, which could see it soar to the next psychological level at $0.02. This view will be confirmed if it manages to rise above the intraday high of $0.018. However, a drop below the support at $0.012 will invalidate the bullish view.