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ACS Price Explodes After Access Protocol’s Public AirDrop

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The Access Protocol has had a lot going for it over the past few days as the Web3 paywall scales its vision to revolutionize digital monetization by unlocking the power of ownership. The protocol airdropped a portion of its native ACS token to adopters of the subscription service built on the Solana blockchain. ACS was also listed on Coinbase on Wednesday for spot trading of the ACS/USD pair. The ACS price exploded over 300% to reach a high of $0.283 on Coinbase.

Access Protocol AirDrops 20,000 ACS Tokens To Early Adopters

On Wednesday, Access protocol carried out a public token airdrop to its early adopters. The airdrop involved each member on a sign-up list receiving 20,000 ACS tokens each. ACS token holders can now “stake” their crypto with content provision platforms like The Block and CoinGecko to gain access to special content. 

This development brings a new innovation into the Web3 space. From play-to-earn (P2E) to move-to-earn (M2E), we are now witnessing the entry of read-to-earn (R2E) into the blockchain-powered space. 

With the launch, exchanges stepped in to support spot trading of the token on the same day. Crypto exchanges like MEXC, and Kucoin listed the Access Protocol token for the ACS/USDT trading pair. For example, trading of the ACS/USDT pair went live at 17:00 PM on February 15, 2023 (UTC) on Kucoin 

Support for the ACS/USD trading pair came from Coinbase, the largest crypto exchange in the US. An official tweet from Coinbase Assets read:

Access Protocol (ACS) is now live on & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.

Excited about Coinbase’s openness to supporting ACS, Product Manager Rishi Prasad said in a tweet that ACS is the first Solana-based token that the exchange listed on its launch day.

At the time of writing, ACS is teetering around $0.02 USD with a circulating supply of 25 billion ACS worth $560 million. According to data from CoinGecko, nearly 33% of the ACS tokens total supply has been unlocked so far. 

ACS Price Consolidates In A Symmetrical Triangle

ACS’s price action has led to the appearance of a symmetrical triangle in the one-hour timeframe (below). If the technical setup plays out correctly, then traders could witness a 60% upward rally for the Web3 Paywall platform. However, the movement could be in either direction.

The Relative Strength Index (RSI) was flattening at the midline. The price strength at 50 suggested that the buyers and sellers were battling for control, justifying the consolidation and reducing price volatility.

At press time, the ACS price was trading at the triangle’s support line. If bears manage to produce a closing hourly candlestick below $0.0163, embraced by the lower trendline of the triangle, a 47% climb drop would occur to $0.489.

ACS/USD Hourly Chart

ACS Price Chart - Feb 17, 2023
TradingView Chart: ACS/USD

The moving averages were facing downward. The bearish cross that occurred during the early Asian trading session on Friday saw the 10-hourly Simple Moving Average (SMA) cross below the 26-hourly SMA. This suggests that the sellers have begun taking control of the price, justifying the pessimistic outlook.

On the upside, an hourly candlestick close above the triangle’s support line at $0.0163 could see the buyers push the price above the triangle’s upper trendline at $0.0185. Such a move would bring the bullish scenario into the picture. A 60% ascent could occur, taking ACS into the new price discovery zone.

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