Key Multichain Takeaways:
- Decentralized exchange (DEX) Anyswap rebranded into Multichain, a cross-brigde service between blockchains.
- Its native ANY token jumped 34% in the previous 48 hours, but flashed a bearish warning on the chart.
YEREVAN (CoinChapter.com) – In hindsight, founded in mid-2020, Anyswap initially positioned itself as a cross-chain DEX. However, Fusion Foundation, the company behind the DEX, shifted the Singapore-based exchange’s vector into a cross-chain bridge in early 2021.
Furthermore, the blockchain underwent rebranding on Dec 16 and is since named Multichain. The company officials commented on the rebranding purpose, saying that the blockchain has shifted its “brand vision.”
Multichain takes what Anyswap has achieved to date with a refreshed visual identity and an updated brand vision. It will be dedicated to be the leading infrastructure for cross-chain.
Read the announcement.
Moreover, Binance Smart Chain (BSC) recommended the non-custodial, multi-party computation (MPC) model as “one of the biggest routers of BSC.”
Also read: Voxies (Voxel) token price up almost 3300% after Binance listing.
While Multichain enjoyed positive feedback, it posted the map of all cross-chain connections backed by Multichain. Those include leading blockchain platforms, such as Binance, Avalanche, Polygon, and Fantom. The bridge connects 25 chains and supports 1,153 tokens in total.
Meanwhile Anyswap (ANY) token price…
… rallied 34% in the previous 48 hours, despite the unconvincing recovery on the rest of the market. As a result, Anyswap token traded at $25.8 ahead of the New York session Monday, an all-time high for ANY.
However, the ANY token price threatened to reverse the bias based on a bearish relative strength index (RSI) divergence. In detail, the RSI is a momentum indicator that reflects the traders’ perception of an asset’s prospects.
In turn, an RSI divergence occurs when the price action prints higher highs, while the bullish momentum shows signs of weakness on the RSI graph and prints lower highs. The deviation in bias could result in a trend reversal and declines for ANY token.
In case of a setback, Multichain could retreat to the previous high and seek support at approximately $23.6. A lower plunge is also possible, to approximately $20.4.
Also read: Federal Reserve plans three rate hikes next year – how does it impact equities and crypto.
As of the Monday session, the ANY token price charted confidently above its 20-4h exponential moving average (EMA-20) at $25.8, bringing the quarterly gains to 273%.
