- Ankr price prediction focuses on the consolidating recovery of the market
- The ANKR crypto price delivered year-to-date gains of 72 18%.
- ANKR token price is developing an ascending Triangle which will be the deciding factor for the direction of the market in the short term.
Ankr’s (ANKR) price prediction focuses on the consolidating recovery of the market after a series of selling sprees that began in February 2023. The ANKR crypto price started a bullish reversal from its swing low of $ 0.014, which escalated the price by 283.42% to the resistance level of $ 0.056. The market surrendered to the bears, which resulted in a downfall of 67.47% over the course of 4 months, leading the price to the critical support level of $0.226. Since then, the market has reversed into a consolidating recovery phase at its current market price.
At the time of writing, the current market price of Ankr is $0.265. The 24-hour trading volume surged 104%. The market is up by 5.90% in the last 24 hours. The overall market cap of ANKR is $265,176,932.
Will The ANKR Token sustain its bullish recovery?
Ankr’s (ANKR) price prediction Delivers the context of a downtrend that has taken a pause due to the recent recovery of the ANKR token. The market is below the 200 EMA, which is substantial evidence of the dominance of the sellers in the market. However, the bulls showed interest in buying the recent dip, leading the price to a recovery of almost 70% from its swing low.
The ANKR token price briefly dipped below the critical support of $0.226 where the buyers accumulated the token and bounced the price above the support levels. Meanwhile, the bulls are trying to penetrate the local resistance of $0.258. This resistance is in close proximity to the 200 EMA, which indicates that the sellers are strongly present here.
Can The ANKR Crypto Break the Ascending Triangle?
The 4-hour chart captures a closer look into the short-term bullish price action of the ANKH token price. The market managed to flip about the 200 exponential moving average, which indicates that buyers are showing strong interest in the short term. The ANKR token price has developed an ascending triangle during the phase of recovery.
A breakout of this ascending triangle will be the deciding factor in the direction of the market in the short term. The consolidation and declining momentum are signs that volatility must be just around the corner, and it will bring along a lot of opportunities to make profits, but it will also bring along the risk of high volatility. If the market breaks down in this ascending triangle, it may lead to a sell-off to its low support levels, and if the opposite happens, the market may witness a further recovery to the upper levels.
RSI: The RSI indicator is currently at 66.90. It represents strong bullish conditions where the price may surge aggressively. The market is oversold and the price may continue to rise until the RSI goes below 50
MACD: MACD has made a bullish crossover below the 0 line. This is an indication of a bullish momentum and the price may rise until the MACD makes a bearish crossover.
200 EMA: On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA.
Conclusion
Ankr’s (ANKR) price prediction focuses on the consolidating recovery of the market after a series of selling sprees that began in February 2023. Since then, the buyer has made a decent attempt to recover the price from its loss and move it into a consolidating zone. The breakout of this ascending triangle will be the trigger point for the volatility and momentum of the market. It will be a deciding factor in establishing the direction of the market in the short term. Therefore, investors should wait patiently before making investment decisions while following a good risk management plan to take care of the losses.
Technical Levels
- Support Level: The nearest support level is $0.0261
- Resistance Level: The nearest resistance level is $ 0.0301
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.