ACH spikes as Alchemy Pay unveils plans for a new chain

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As a seasoned researcher with years of experience in the ever-evolving crypto landscape, I must say that the recent surge of Alchemy Pay (ACH) is indeed intriguing. The formation of a “God candle” following the announcement of the Alchemy Chain project is a clear indication of investor confidence in the project’s potential.

On October 28th, the Alchemy Pay token took shape like a “devoted taper,” following the announcement by its creators about the upcoming release of the Alchemy Chain.

The price of ACH’s token reached an all-time high of $0.020, which is the highest it has been since October 25th, and it’s now 20% higher than its lowest point from last week.

In their latest blog update, the team mentioned that they plan to construct the Alchemy Chain using the Solana Virtual Machine (SVM) framework, which is intended to meet the increasing demands of its payment system.

The updated system is designed to expedite transactions for Alchemy, reduce costs, and maintain a robustly secure atmosphere. This enhanced security relies on the Trusted Proof-of-Authority methodology, which facilitates the confirmation and swift validation of participating nodes, promoting their credibility and efficiency.

Revealing the launch strategy for #AlchemyChain, a high-capacity Layer-1 blockchain that aims to merge traditional fiat and digital currencies seamlessly in a smooth payment infrastructure.

⚡High scalability utilizes SVM
🔒 Revolutionary Trusted Proof of Authority security
💸 Both $ACH and fiat are accepted for transaction fees
⛓ Earnings within the chain can be converted to fiat…

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) October 28, 2024

Furthermore, Alchemy Chain offers a platform for meme coin creation (meme launchpad) to support developers, and its Meme Telegram Bot serves as a helpful guide for creators, guiding them through the ecosystem.

Through a “meme token launch platform,” Alchemy Pay aims to secure a prominent position within the crypto industry’s top tier. Similarly, Pump.fun, the pioneering meme coin generator on the Solana blockchain (SOL), has simplified the process of creating and launching coins. Notably, tokens generated by Pump.fun have amassed a market value exceeding $2.1 billion as per current data.

In a similar vein, the market capitalization for SunPump, Tron’s (TRX) meme coin, now exceeds $276 million.

Alchemy Pay is entering the crypto scene with aspirations to establish its own standalone blockchain, following in the footsteps of other industry heavyweights. Back in 2023, Coinbase unveiled Base, a layer-2 network that has since risen to prominence within this sector. More recently, Uniswap (UNI), the leading decentralized exchange, revealed its intention to create UniChain, a layer-2 solution designed to enhance its services. Similarly, dYdX debuted its own chain in 2023.

1) Alchemy Pay joins the cryptocurrency market by revealing its intentions to develop an individual blockchain. Similar to Coinbase launching Base, a layer-2 network back in 2023, this initiative has since grown into a leading force within the industry.

ACH token formed a God candle

The daily chart shows that the Alchemy Pay token formed a “God candle,” or a sudden large bullish movement, as investors reacted positively to the upcoming Alchemy Chain project.

The token surpassed a significant resistance level at $0.01795, which was its lowest point on both October 10th and October 3rd. Additionally, it has gone beyond the 50-day moving average and the 38.2% Fibonacci Retracement point.

In the upcoming period, there’s a possibility that the value of the token might decrease due to the waning impact of the Alchemy Chain announcement. If this occurs, the token could attempt to regain its footing at the crucial support level of around $0.01900. A break above the current resistance at $0.02 might indicate potential further growth.

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2024-10-28 17:55