Alchemy Pay (ACH) is a project that provides a hybrid payment solution, allowing users to use both cryptocurrency and fiat currency in their daily transactions. Many investors have been "riding the wave" of ACH for a long time, but the price of ACH has recently surged strongly, helping them "get back on track".

Here are some observations from BeInCrypto about the renewed interest in this project.

What caused the 100% pump in the price of Alchemy Pay (ACH) in a single day?

According to BeInCrypto data, Alchemy Pay (ACH) has just experienced a strong pump from $0.02 to $0.04 in a single day. With a 24-hour trading volume of over $900 million, ACH has regained all the losses due to the downward trend from December last year to the present.

This price increase is said to be due to the news that the Alchemy Pay project has received AUSTRAC approval as a digital currency exchange provider in Australia. This approval represents an important regulatory approval, allowing Alchemy Pay to facilitate seamless and secure payment services from fiat to cryptocurrency in the Australian market.

In fact, Alchemy Pay's collaboration news with major partners has not been lacking in recent times. However, the trading volume on January 27 exceeded $900 million, while the Medium daily trading volume of ACH is only around $20 million, which is 45 times higher, which is surprising.

This could be a sign that unusual interest is returning to ACH.

Many investors believe Alchemy Pay (ACH) is undervalued

Established in Singapore in 2017, Alchemy Pay has so far supported payments in 173 countries. This project has a list of leading payment channels such as VISA, MasterCard, Apple Pay, Google Pay, and even Momo in Vietnam.

CryptoRank data shows that the project has raised $10 million from DWF Labs and is valued at $400 million. But the fully diluted market capitalization (FDV) of the project is not yet that high, currently at $375 million, with 49% of the total supply of 10 billion ACH in circulation.

"People still haven't been optimistic enough about ACH. While people are chasing memes and meaningless projects, the AlchemyPay team has never stopped working quietly, day after day. This is just the beginning. A market capitalization of billions of dollars is much closer than people think." - Investor Cocky commented.

In agreement with Cocky, investor Manolo also believes that ACH is one of the undervalued projects, and if ACH demand surges, the price could reach $6 - $15. From a technical perspective, investor The Crypto Express believes that ACH's breakout from the symmetrical triangle pattern will trigger a strong price increase.

"ACH is recovering from the support trend line of the symmetrical triangle pattern but is currently facing rejection at the Ichimoku Cloud, acting as a resistance barrier. A breakout above both the Cloud and the triangle pattern could initiate a strong price increase." - The Crypto Express analyzed.

However, according to BeInCrypto's observation, there is another reason contributing to the increased attention on ACH during this time, which is that Jaime Rogozinski, the Founder of WallStreetBets, has posted about buying ACH and making a profit, which has drawn attention. Jaime's X account currently has nearly 900,000 followers.

Regardless of the positive expectations, ACH is still trading at a level more than 85% lower than its peak of $0.24 when it was first listed in 2021.

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