Autor: dot-traders

• ACH/USD jumped 50% in one trading day
• A falling wedge pattern supports the bullish case
• The risk of a false breakout remains

The cryptocurrency market suffered from the FTX scandal as investors fled away in light of yet another scam in the industry. But despite the numerous predictions that the industry will fail, the recent price action is encouraging for speculators.

Take, for instance, Alchemy Pay (ACH). It was the leading cryptocurrency yesterday, as it gained about 50% against the US dollar.

Alchemy Pay is the pioneer of the world’s first payment gateway solution to connect fiat currencies and crypto economies. In short, it aims at building a bridge between crypto and fiat worlds.

With a circulating supply of 4.9 billion, the cryptocurrency’s maximum supply will be 10 billion. At the current market price, Alchemy Pay has a market capitalization close to $60 million, and over 180 billion coins are traded daily.

ACH/USD chart by TradingView

A falling wedge points to more upside, but fears of false breakouts remain

Until recently, ACH/USD traded with a heavy tone – just like the overall cryptocurrency market. But the recent bounce in Bitcoin and other major cryptocurrencies led to small coins catching a bid.

As such, the price action broke out of a falling wedge pattern. Such a pattern signals a reversal; most of the time, the market retraces more than half of the pattern’s distance.

However, it does not mean that the market cannot make a new low.

Therefore, any long trade should have a stop-loss order at the lowest point in the falling wedge, while the take-profit should be placed around half the distance the market traveled on its way lower. In other words, 0.035 should be appropriate.

The fear is that yesterday’s bounce is yet another false breakout. A quick look at what happened in the past shows similar breakouts that turned out to be nothing but false ones as the market reversed and made a new low.

Summing up, if the recent lows hold, ACH/USD has more upside potential.

The post Alchemy Pay (ACH) price forecast after jumping 50% in one day appeared first on CoinJournal.

• GALA price has surged by over 250% from the lowest point in December.

• The developers are working on the Meow NFT Match.

Gala crypto price has been in a strong bullish trend in 2023, making it one of the best-performing cryptocurrencies in the industry. The token surged to a high of $0.054, which was about 250% from its lowest point in December. 

Why Gala token is soaring

There are several reasons why GALA crypto has surged in the past few weeks. First, the developers announced a deal that will see the network partner with The Rock to produce two films. This is notable since The Rock is one of the best-known actors in the industry. He is also known for appearing in some of the top-selling movies. However, as we wrote here, Gala deleted the tweet making the announcement.

Second, Gala developers announced that they will incorporate mobile gaming in their ecosystem. This means that developers will be able to create games that can be downloaded from Android and iOS stores. As a result, they will have a large market considering that there are more than 5 billion smartphone users internationally. 

Third, the most recent reason why Gala has surged is the new introduction of pay by burn approach. In a statement, the developers said that all purchases made in Gala’s ecosystem using the GALA token will see it get burned. When the Gala is burned it will be added to an emissions pool to be re-emitted through the Founders Nodes in the normal distribution. 

A quick update on pay-by-burn of all $GALA on the platform from our President of Blockchain, @BitBenderBrink!

Winter is for building, and we have been busy! pic.twitter.com/UDbsznAt68

— Gala Games (@GoGalaGames) January 12, 2023

According to the developers, burning these tokens will help to provide more utility to the ecosystem. Meanwhile, the developers are working on the Meow Match, which is a major upgrade to the network. In the first quarter, they will onboard Meow Match to the Gala Platform, launch Cat NFTs, and transform all earned in-game cats into claimable NFTs. In the second quarter, the Meow NFTs will be upgraded to utilize cat NFTs.

Gala price prediction

The 4h chart shows that GALA price has been in an unstoppable bull run in the past few weeks. As it rose, it managed to move above the important resistance level at $0.050, which was the highest point on Monday. Gala has moved above the ascending triangle pattern and the 25-day and 50-day moving averages. 

Notably, Gala is not yet in an overbought level. Therefore, there is a likelihood that the coin will continue soaring as buyers target the key resistance level at $0.060. A drop below the key support level at $0.050 will invalidate the bullish view

How to buy Gala

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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The post GALA crypto price gains steam after new token burn news appeared first on CoinJournal.