Month: Februar 2023

Microsoft & Ankr Partner: Token Soars 37% in 24 Hours

• Ankr Protocol has announced a partnership with Microsoft, resulting in a significant increase in the value of its native token.
• Trading volume for ANKR has grown by over 1000% over the last 24 hours and the token is now trading at levels not seen since August 2022.
• Momentum indicators show the uptrend to be strong, with RSI and MFI both at overbought highs and Aroon Up line close to 100%.

Ankr Protocol Partners With Microsoft

Ankr Protocol recently made headlines when it announced a partnership with tech giant Microsoft. This news caused ANKR’s price to surge significantly, climbing by 37% in the last 24 hours according to CoinMarketCap data.

Record Trading Volume

Trading activity around ANKR has also seen an unprecedented surge following this announcement, reaching its highest level since 2022. According to on-chain data provider Santiment, ANKR’s trading volume grew by over 1000% in the last 24 hours and was recorded as $1.16 billion at press time.

Technical Indicators Show Bullish Trend

A look at Ankr Network’s daily chart reveals that the protocol’s partnership with Microsoft has had an overwhelmingly positive effect on the token’s price trend, triggering a fresh wave of investor optimism. Key momentum indicators such as Relative Strength Index (RSI) and Money Flow Index (MFI) are currently positioned at overbought highs indicating strength of the uptrend while Aroon Up line is close to 100%, suggesting that recent highs have been reached relatively recently. Furthermore, ANKR’s price is currently resting above its upper Bollinger Band which may suggest that it is overbought and could reverse downward soon.

Get Ready To Invest In ANKR?

It appears that investors have already taken advantage of this recent uptick in value and accumulated large amounts of ANKR tokens during these past few days resulting in bullishness across all technical indicators mentioned above. For those looking to invest in this altcoin, it would be wise to keep an eye on how these indicators behave from here on out before making any decisions or investments themselves so as not to get caught up in any potential price dips should they occur due to market volatility or other factors outside of their control.

Profit Calculator Available

Finally, for those who want to track their profits from any investments made into Ankr Network tokens or just want some extra information about current market conditions regarding their asset holdings can use the Profit Calculator available from their website which provides users with real-time updates about their portfolio performance so they can make informed decisions about their investments accordingly.

Optimism [OP] Protocol to Implement CSR Methodology – Boosting Developer Growth & NFTs

• Optimism integrated the Canto Republic’s CSR methodology into its protocol in order to incentivize developers and NFT creators.
• This led to a decline in daily active users, resulting in a drop in overall revenue for the protocol.
• The health of the OP token also suffered, with declining volume and network growth.

Optimism Incorporates CSR Methodology

Optimism has integrated Canto Republic’s CSR (Contract Secured Revenue) methodology into its protocol, as was confirmed by an OP Stack developer on 13 February. This will incentivize developers and NFT creators, potentially leading to more development on the layer-2 solution and increased revenue.

Decline in Daily Active Users

The implementation of CSR has not been enough to spark interest in the protocol yet, with daily active users decreasing by 39% over the last month. Additionally, revenue generated by Optimism also fell by 26.7%, indicating that there is still work to be done to increase activity on the platform.

Impact on OP Token

The lack of activity on Optimism has caused a decline in velocity of OP tokens, meaning traders are trading less frequently than before. Volume for OP has fallen from 400 million to 250 million during this time as well. Network growth for OP has also gone down, showing little interest from new addresses at its current price point.

Future Outlook

It is yet unclear whether developments on Optimism will help reinvigorate interest in the OP token going forward. Despite this uncertainty though, it is clear that further development needs to be done if Optimism wants to reach its full potential and generate more activity and revenue on its platform.

Conclusion

In conclusion, Optimism’s integration of Canto Republic’s CSR methodology is a step towards incentivizing developers and NFT creators so as to attract more attention from them and increase overall usage of the protocol. However, this has not led to an increase in daily active users or revenue so far, leading to a decline in health of the OP token as well due to falling velocity and network growth figures. It remains uncertain whether these developments will pay off for Optimism eventually or not; only time will tell if these efforts can bring about renewed interest in their platform or not

Axie Infinity: Breakout Past $12.3 Could Herald Next Leg Up

• Axie Infinity has fallen from $14 to $10.6 in the past two weeks.
• Buyers can look for a breakout past $12-$12.3 before looking to buy.
• The positive funding rate and flat 90-day dormant circulation suggest that a wave of selling is not yet upon us.

Axie Infinity Price Movement

Axie Infinity (AXS) has receded from $14 in the past two weeks, forming a series of lower highs and lower lows that denote a bearish market structure. An imbalance from $9.7 to $12.2 was partially filled, and aggressive traders can wait for a move toward $12-$12.3 before looking to sell. Risk-averse traders may prefer waiting until Monday’s open and close before entering trades. The 61.8% level saw buyers pushing AXS prices northward again, but a bearish order block impeded the way between $11.7-$12.3 which will need to be overcome first before another move higher can occurr..

Technical Indicators

The Relative Strength Index (RSI) currently stands at 56, above neutral 50 since early January, indicating that the longer-term bias remains bullish despite some short-term turbulence in price action recently seen on charts with other technical indicators such as Chaikin Money Flow (CMF) also registering neutral readings as of yet..

Support & Resistance Levels

A set of Fibonacci retracements were drawn based on the move upward seen from $7.71 to $13.94 with both the 61% and 78% levels lying at around $10 and 9 respectively – with buyers pushing prices northward once more following an approach of this area previously noted earlier..

Fundamental Analysis

The positive funding rate suggests that participants are bullish while near-term holders are not yet at significant profits according to measures such as MVRV (30 days). There have been no major spikes in 90 day dormant circulation either which hints towards no wave of selling being present just yet..

Conclusion

Overall caution should be exercised when trading AXS due to its current market structure, however those who remain bullish on its prospects could consider buying after prices break out past resistance levels seen around the area of 12 – 12$3 whilst keeping an eye on any sudden changes in sentiment or volume activity in order to better manage risk associated with placing trades into this particular asset class moving forward