Stacks (stx) 
Alchemy Pay Sees 3-Day Token Surge Amid Rising Trading Volume
The Alchemy Pay token has experienced a three-day surge, with its price reaching a high of $0.03585 on Tuesday, the highest level since February 6. This upward trend has resulted in a gain of over 45% from its lowest level this month.
Trading Volume and Futures Open Interest Spike
According to recent data, the 24-hour trading volume of Alchemy Pay’s token has risen by 92%, reaching nearly $300 million, with most of this volume concentrated on centralized exchanges such as Binance, Bybit, and Coinbase. Additionally, futures open interest has jumped to $60 million, the highest level since February 2, with most of this interest concentrated on Binance and Bybit.
Futures open interest is a significant indicator of market demand, typically rising when there is sustained demand in the futures market, which accounts for a substantial share in the crypto industry.
No Immediate News Driving the Rally, Speculation Surrounds Consensus Hong Kong
While there is no immediate news driving this week’s rally, a possible factor is Alchemy Pay’s participation in Consensus Hong Kong, a major industry gathering featuring leading crypto firms. Investors may be anticipating potential partnerships and deals during the event, leading to speculative buying.
Alchemy Pay’s Position in the Crypto Payments Industry
Alchemy Pay has established itself as a key player in the crypto payments industry, offering services such as on- and off-ramps, NFT checkouts, and card processing. The company has also launched Alchemy Chain, a Layer 1 blockchain network built specifically for the payments sector. Alchemy Pay has formed partnerships with major financial players, including Visa, Mastercard, Apple Pay, and Nuvei.
Tips for Investors and Traders
As the ACH price continues to rise, here are some key points to consider:
- Monitor the ACH price closely, as it approaches the key resistance level at $0.0366.
- Keep an eye on daily trading volume, which has continued to increase.
- Be aware of the risk that the token could retreat if no major announcements emerge from the Consensus event in Hong Kong.
Price Analysis and Future Outlook
Given the current momentum, the ACH price is likely to continue rising, with buyers eyeing the next key resistance at $0.040, which was the highest swing level in December and aligns with the top of the trading range in Murrey Math Lines.
For more news on cryptocurrencies, investing, and finance, visit Global Crypto News. Stay up-to-date on the latest developments in the crypto world and make informed decisions about your investments.
