The Ankr price tilted upwards slightly after the developers launched App Chains, a platform for Web3 development. The coin’s price is trading at $0.03, which is slightly above this week’s low of $0.022. Its market cap is more than $243 million.
App Chains launch
Ankr is a leading blockchain infrastructure project that makes it easy for Web3 developers to build applications.
The network provides products known as Remote Procedure Call (RPC), which is a useful tool among developers. It simply helps them to communicate with the back-end when building.
In the past few months, the number of developers using Ankr’s RPCs has been in a strong upward trend. Some of the most popular developers that are currently using Ankr are Airbitrum, Optimism, Avalanche, Binance and Celo among others.
In a statement this week, Ankr said that it was launching App Chains, a dedicated blockchain that houses one specific dApp. It can be thought of as a single-tenant bare-metal server without the noisy servers. This characteristic will make the platform significantly scalable.
In addition to scalability, App Chains is a highly flexible process. For one, they will not be restricted to using specific programming languages and constraints of a specific virtual machine like EVM. As a result, it will help to reduce the technical barriers to joining Web3.
Ankr has had a relatively busy month. Earlier this month, the developers announced that they were changing the revenue model to pay-as-you-go for its RPC services. They also launched in Opimism, the fast-growing blockchain project. In a statement, Optimism’s CEO said:
“Adding Ankr as an infrastructure provider helped fulfill the desires of our community members who want to build with robust and reliable services.”
Still, Ankr price has not done well in line with the performance of other cryptocurrencies like Cardano, BNB, and VeChain. This price action is mostly because of the changing market and monetary conditions. Further, the recent corporate actions in Three Arrows, Celsius, and Bancor have pushed many people away from crypto.
Ankr price prediction
The daily chart shows that the Ankr price has been in a bearish trend for months. It remains below the important resistance level at $0.0500, which was the lowest point in February. The coin remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the oversold level.
Therefore, the path of the least resistance for Ankr token is still lower. If this happens, the next key support level to watch will be at $0.023, which was the YTD low.