Market Overview: Alchemy Pay/USDC (ACHUSDC) Shows Bearish Consolidation

Summary
• Alchemy Pay/USDC traded in a 24-hour range of $0.00917–$0.00999, closing near the lower end.
• A bearish divergence in turnover and price emerged in the late hours of the session.
• A key 5-minute resistance appears at $0.00969, tested multiple times without breakout.
• Volatility expanded mid-session before contracting in the final hours.
• RSI reached oversold levels, suggesting potential for a short-term rebound.

Alchemy Pay/USDC (ACHUSDC) opened at $0.00921 on January 7 at 12:00 ET, peaked at $0.00999 the following day, and closed at $0.00917 as of 12:00 ET on January 8. Total volume was 20.5 million tokens, with a notional turnover of $195,072.

Structure & Formations

Price action on the 5-minute chart showed a distinct bearish consolidation, with multiple failed attempts to break above $0.00969. A 5-minute doji formed around 00:00 ET, signaling indecision. A key support zone appears near $0.00943, where price found a temporary floor after an afternoon decline.

Moving Averages

The 20- and 50-period moving averages on the 5-minute chart trended lower throughout the session, reinforcing the bearish bias. On the daily chart, price remains below the 50-, 100-, and 200-period MAs, indicating a broader downtrend.

MACD & RSI

MACD remained negative across the session, with no sign of a bullish crossover. RSI reached oversold territory below 30 for the first time in 24 hours near the close, suggesting potential for a short-term bounce. However, momentum remains weak, with bearish divergence in the final candle cluster.

Bollinger Bands

Bollinger Bands expanded mid-session following a sharp move toward $0.00999, then contracted in the final hours as volatility waned. Price spent much of the session near the lower band, reinforcing bearish pressure.

Volume & Turnover

Volume surged during the afternoon and evening hours, particularly between 17:00–21:00 ET, but failed to confirm a strong directional move. Turnover dipped significantly after 03:00 ET, while price continued to trend lower, highlighting a bearish divergence.

Fibonacci Retracements

A 5-minute swing from $0.00921 to $0.00999 saw price retrace to the 61.8% level (~$0.00958), which held as a short-term support. On the daily chart, the 38.2% retracement from a prior high aligns near $0.00936, currently acting as a key area of interest.

Price may test the 61.8% Fibonacci level again in the near term for direction. Investors should remain cautious of increased volatility if the $0.00969 resistance is challenged.