ACH price jumps after the latest Alchemy Pay news

Alchemy Pay (ACH/USD) price continued its recovery after the company continued its partnerships and as other cryptocurrencies jumped. ACH rose for the second straight day and reached a high of $0.033. It has soared by ~48% from the lowest point on Friday.

Alchemy Pay partnerships continue

Alchemy Pay, a company that offers fiat and crypto fintech solutions has done well in the past few months. During the weekend, the company said that it had no exposure to Silicon Valley Bank (SVB), which collapsed last week.

In another statement, the company said that it had reached a partnership with ZD Group, Hong Kong-based company. ZD owns Mouette Securities, a global investment fund. This partnership will see Mouette share its four financial licenses in Hong Kong.

Alchemy, in its part, will provide crypto solutions to all businesses in the company. This is an important development that will see Alchemy move closer to regulation in the city. In a note, the founder and CEO of ZD Group said:

“ZD Group is closely monitoring global financial trends and opportunities related to Web 3.0, and is actively preparing to obtain relevant business licenses for early entry. The investment in Alchemy Pay is a critical step in ZD Group’s aggressive deployment of the fintech and Web3 industry and the attempt to capture the trend.”

Alchemy Pay has partnered with several other companies recently. For example, on Friday, the company partnered with MathWallet to provide seamless and secure crypto ramp solutions. It also partnered with MetaLine.

Early this year, Visa named Alchemy Pay as one of their service partners. It also incorporated Diners Club and Discover Cards for its Fiat crypto purchases.

ACH price prediction

ACH chart by TradingView

The ACH crypto price has made a spectacular comeback in the past few days. This rebound happened after the coin formed what looks like a falling wedge pattern, which is shown in green. It has moved to the 50% Fibonacci Retracement level. The coin remains solidly above the 50-day exponential moving average (EMA). 

Therefore, the ACH price will likely continue soaring as investors target the next key resistance level at $0.037, the 38.2% Fibonacci Retracement level. A drop below the support at $0.030 will invalidate the bullish view.