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ACH is testing a key resistance level, aiming for a breakout after a prolonged downtrend in prices 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 token, ACH, is attracting traders' attention as technical analysis hints at a potential price reversal and the development of bullish momentum.
A look at the technical setup of ACH
After weeks of price consolidation, ACH appears ready for a price reversal on the 4-hour chart. The coin's technical setup shows a falling wedge, with the price testing resistance near the key level of 0.0205. A breakout above the descending trendline could fuel bullish momentum for ACH as the price turns.
The current setup indicates decreasing selling pressure and strengthening bullish momentum. If the price breaks above the falling wedge with high volume, bulls may rise to the $0.025-$0.030 zone. On the other hand, failure to hold above the $0.019 support zone could lead to further declines after a failed breakout attempt.
At the time of publication, the coin is trading at $0.02005, which is 7.57% higher than the price in the last 24 hours, according to CoinMarketCap data. According to Crypto Analyst World of Charts, the coin is at a moment of 'breakout or creation' as traders anticipate a breakout and bullish rally. Watch for buying volume and open interest in this key resistance zone for additional insights.
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