en.cryptonomist.ch
How are Avalanche (AVAX), Ankr (ANKR), and Saga (SAGA) performing within the crypto market? Let’s see below the price situation and the latest news related to them.
Summary
The Avalanche crypto and the performance of ANKR and SAGA
AVAX from Avalanche is preparing the ground for a parabolic rally after a recent correction, according to analysts.
Success depends on the altcoin’s ability to flip a key resistance into support, thus creating a long-term bullish path.
Despite a market capitalization of just over 12 billion dollars, the twelfth cryptocurrency by ranking has been under strong bearish pressure in recent weeks, indicating a decrease in investor interest.
In the last 7 days, AVAX has fluctuated between a high of $54.32 and a low of $44.23, with some experts warning of a possible decline to $36.
At the moment AVAX is trading at around $47, showing a 5% increase in the last 24 hours but remaining down 11% in the last 7 days.
This correction was predictable after a significant price increase. However, bulls aim to defend the support at $40 while focusing on the resistance at $50 and subsequently at $55, the latter being crucial to maintain the yearly highs.
Technical data indicates a downward pressure, with RSI at 35 and CMF at -0.18. However, optimistic forecasts indicate a potential increase up to $180 for AVAX by May 2024.
Analysts consider the recent correction as a buying opportunity for long-term investors.
Avalanche has strengthened its outlook by announcing a strategic collaboration with Chainlink and the launch of perpetual contracts on Binance. These developments support the expectations of a bullish 2024 for the Avalanche project.
Ankr and WitnessChain: the advent of security in the web3 protocol
Ankr has recently introduced Ethereum security into the new Web3 protocol, considered the key feature of the project.
By combining secure node operations, innovative liquid staking technologies, and efficient scaling services, Ankr’s infrastructure for vital functions enables the launch of the new address verification service.
The collaboration with WitnessChain on DePIN promises shared security and scalability.
WitnessChain, also known as EigenLayer AVS for DePIN coordination, introduces the first physical state consensus mechanism designed to unify the decentralized physical infrastructure network.
Through DePIN, projects can share information about physical locations and network capacity, leveraging WitnessChain to establish connections between decentralized physical infrastructure networks.
The potential of DePIN in Web3 and in the cryptocurrency ecosystem makes it one of the main blockchain topics of 2024.
WitnessChain Watchtowers, renowned for their effectiveness as independent auditors of the DePIN network, ensure the correct execution of calculations. Additionally, they play a crucial role in creating a reliable framework for L2 networks.
The integration of WitnessChain’s Watchtowers with Ankr offers increased security for the new L2, additional tools for Ankr, and exciting potential for both projects.
Saga’s debut: the mainnet launch and token listing
The arrival of the Saga mainnet seems imminent, and with it the quotation of the SAGA token on Binance.
The cryptocurrency exchange giant has announced the Binance Launchpool Program, a promotion that will allow customers to stake other coins to earn SAGA tokens, with half of the initial supply in circulation offered through this initiative.
The SAGA token listing is scheduled for April 9, and until then Binance customers will have the opportunity to bet Binance Coin (BNB) or Stablecoin FDUSD to receive a portion of the incoming tokens.
With an initial circulation supply of 90 million tokens, half of which are offered to Launchpool stakers, there is already a great interest.
The amount of funds wagered is nearly 3.8 billion dollars between BNB and FDUSD, with over 109,000 users betting on BNB and around 82,000 on FDUSD.
Saga is a layer 1 blockchain designed to support various applications, with a particular focus on gaming. However, its chainlink architecture also allows projects based on other blockchains to leverage its features.
With the mainnet launch scheduled for April, Saga also announces the launch of Saga Origins, an internal division dedicated to the publication of games.
Binance Launchpool has already hosted important gaming token campaigns, with Pixel (PIXEL) and Portal (PORTAL) among the most successful projects.