Will the ACH Token Price Rise After Getting Its License Approved?

• The ACH token price has hiked by 6.01% in the last 24 hours.
• Alchemy Pay has got the approval for its US Money Transmitter License.

Alchemy Pay (ACH) was founded in 2018. It is designed to provide a payment solution that seamlessly connects crypto economies for every user across the globe. The current Coin Market Cap ranking of the coin is 176.

The Alchemy Pay (ACH) coin price is trading at $0 with a trading volume of $31,316,143 and has risen by 6.01%. It has a market capitalization of $111,688,647 with a circulating supply of 6,773,870,595 ACH coins and a max supply of 10,000,000,000. 

Alchemy Pay (ACH) Coin: Technical Analysis

The ACH coin price was falling continuously in a falling wedge pattern after creating its year high of $0.05137.

Recently, the coin price has given a breakout of the falling pattern and was trading in the range of $0.01620 to $0.01250.

The coin price was in an uptrend since it took support from the $0.01250 support. The current candle in forming is giving the breakout of the range and could go up to its next resistance at $0.02303. 

However, for the price to continue its fall, it must close giving the breakdown of the current acting support level at $0.01250. Thus, it may fall to its next support at $0.00890.

Technical Indicators on The Current Trend

The last trading session candle broke above the 50-day EMA line. The current candle has taken support from the 50-Day EMA line and is forming a strong bullish candle.

The relative strength index is at 64.31 and sloping in the upward direction. It indicates the RSI line is in bullish territory and could move further up as there is more room for buyers in the upward direction.

Approval of US Money Transmitter License Triggers a Surge

Alchemy Pay has recently secured a Money Transmitter License in Arkansas. It makes this firm the first one with a Money Transmitter license in the United States. It is a significant milestone for the Crypto Payment platform. This news has boosted the price by 11.36% since the last trading session. It could shoot the ACH coin price up.

Conclusion

The Alchemy Pay price is bullish at the time of writing. The price is currently giving the breakout of $0.01620 resistance. The coin price is accelerating after the news of Money Transmitter Linsence approval. The price can reach its next resistance at $0.02303.

However, for the price to continue its fall, it must close, giving the breakdown of the current acting support level at $0.01250. Thus, it may fall to its next support at $0.00890.

Technical levels

Resistance Levels: $0.01620 and $0.02303.

Support Levels: $0.01250 and $0.00890.

Disclaimer

The views and opinions stated by the author or any other person name in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.