- Alchemy Pay has formed a falling wedge pattern on the 4H chart.
- In most periods, this pattern is usually a bullish sign.
- ACH price could surge by 31% to $0.037.
Alchemy Pay’s ACH token has been in a bearish trend in the past few weeks as part of the ongoing crypto sell-off. It dropped to a low of $0.025 this week, the lowest level since February 19th. At its lowest level this week, ACH crypto was down by 51% from its highest level this year.
Alchemy Pay’s price action was mostly in line with that of other cryptocurrencies. Bitcoin, the biggest crypto in the world, has plunged from $25,000 to about $22,000. Similarly, the Dow Jones and Nasdaq 100 indices are all significantly lower than their year-to-date highs. In most cases, these assets tend to have a close correlation with each other.
Alchemy Pay next price action will depend on the upcoming macro data from the US. As I wrote here, the US will publish the latest jobs numbers on Friday. Economists expect the data to show that the economy created thousands of jobs while the unemployment rate remained at 3.4%.
Next week, the US will publish the latest consumer and producer inflation data. These numbers will likely show that inflation remained above 5% in March. As such, there is a high possibility that the Fed will continue hiking interest rates more aggressively in the coming months. Some investors see the Fed hiking rates by 50 basis points. Therefore, if this happens, we could see ACH price maintain its bearish trend.
Alchemy Pay price forecast
On the 4H chart, we see that the ACH crypto price has formed a rare bullish pattern. By connecting key peaks, we see that the token has formed a falling wedge pattern that I have indicated in green. This wedge is nearing its peak. And in most periods, this pattern is usually a bullish sign. And this bullish breakout usually happens when the wedge nears the confluence level.
At the same time, Alchemy Pay has formed a morning star candlestick pattern, which is also a positive sign and is hovering at the 61.8% Fibonacci Retracement level. It is attempting to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has continued rising.
Therefore, there is a likelihood that ACH price will likely continue rising in the coming days. If this happens, the next key level to watch will be $0.037, which is at the 38.2% retracement point. This price is about 31% above the current level.
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