- ANKR has rocketed by around 9000% in the last year, giving investors huge returns
- After hitting an ATH of $0.22 on Feb 28th, the coin has diminished by 26%, providing an excellent opportunity to buy the dip
Over the past 24 hours, the price of ANKR has fluctuated between 14.9 cents and 16.2 cents. Relative to other cryptocurrencies, ANKR is facing low volatility. In the 12-hour time frame, the ANKR has constructed significantly distinguished tradable chart patterns. One of the falling wedge patterns that recently broke out in the upward direction. However, the volume still hasn’t recovered after a massive decline since February. On zooming in, we can even notice that ANKR has formed an inverse head and shoulder pattern, which is again considered highly bullish. The current price is resting at the neckline of this pattern. Investors can expect a breakout very soon, considering how well the price action performs.
EYES GLUED TO THE RESISTANCE TREND LINE
There are no doubts about how well the price action of this coin is performing, but when it comes to finding the proper buying signal, this resistance trend line plays quite the role. An eruption above this line will guarantee the price to soar and break its current ATH. This breakout will surely attract tons of buyers, and then we will witness a recovery in volume. Even though the current price is consolidating sideways, a steady movement is considered pretty bullish in the long time scenario.
Today, the price of ANKR is levitating above the key EMA levels. The 20 EMA has been tested as support and resistance this month. It is expected to provide support at $0.14.
Speaking of RSI, it has just now entered the overbought territory at the 61 range. Even though it may retrace further, we can expect the 44.27 to act as an essential support level.
Another thing to consider would be the Bollinger bands which were consolidating along with the price but are now steadily heading closer to each other.
WHY SHOULD NEWBIES CONSIDER PURCHASING ANKR FOR LONG TERM?
Sure, when it comes to cryptocurrencies, there are multiple choices. Then why even consider going long on ANKR? The ANKR price movement looks very similar to that of DOGE without Elon Musk tweeting about it. The ANKR project has been existing for quite a while now, making it one of the most stable investments. ANKR aims to have a decentralised network that connects nodes and clients. ANKR has also begun the countdown to launch a bank-beating DeFi savings account. Undoubtedly, DeFi is the next big thing in the crypto verse. In this project, ANKR would allow people to hold Terraform’s stable coin USDT, pegged to the USD and earn consistent returns. This would create massive demand for ANKR in the crypto market, and demand will then act as a catalyst for the price to soar even higher.
SUPPORT : $0.14 and $0.11
RESISTANCE : $0.22, $0.19 and $0.16