- Astar Network token was one of the worst performers on Thursday.
- The developers announced a major collaboration with Polygon.
- Quickswap is considering deploying in Astar Network.
Astar Network price plunged to the lowest level since August 18th even as other altcoins like Hedera Hashgraph, IOTA, and ThorChain jumped. The ASTR token slipped to a low of $0.051, meaning it has retreated by more than 25% from the highest level in August.
Astar Network news
Astar Network, which is a leading Polkadot parachain, made two important headlines this week. First, in a statement, the developers announced the launch of Supernova, a major collaboration with Polygon. Astar will now use Polygon’s CDK to launch Astar zkEVM.
As a result, Astar’s zkEVM will help developers build Ethereum developments that are significantly faster and cost-effective. It uses the zero-knowledge technology, which confirms the validity of on-chain transactions without having interactions between members.
On the other hand, Polygon CDK is an open-source software that helps developers to launch zk applications for Ethereum.
The second big announcement was that Quickswap, one of the biggest DeFi platforms, is considering expanding to the Astar Network. The developers are now assessing this interest from the community members.
The other recent statement was that Sony, one of the biggest entertainment companies, has started working with Startale Labs, a spin-off of Astar Network. Sony will use the company’s technology to build its blockchain features. In a statement about the joint venture, Sota Watanabe, the head of Startale said:
“This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern web3 trends and drive them globally."
Astar Network token price likely dropped as investors sold the news. In most periods, cryptocurrency prices tend to rally ahead of a major announcement and then reverse when it happens.
Astar Network price forecast
The daily chart shows that the ASTR crypto price has been in a steep sell-off in the past few days. It has been in the red in the past five straight days even as other cryptocurrencies bounced back. The chart shows that the token is nearing an important support shown in red. This support level connects the lowest levels since June.
Astar has also moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral point. Therefore, more downside will be confirmed if the token moves below the ascending trendline. If this happens, the next level to watch will be at $0.046, the lowest level on August 17th.
