The Anchor Protocol price has been in a strong bullish trend in the past few days. Its ANC token has jumped to $3.80, which is close to its all-time high. It has jumped by more than 142% from its all-time low, bringing its total market capitalization to more than $985 million, making it the 98th biggest cryptocurrency in the world.
Anchor Protocol is a Decentralized Finance platform built on the Terra blockchain. It is a platform that enables people to earn attractive returns by staking returns from several proof of stake cryptocurrencies like LUNA, AVAX, and SOL. Depositors of Terra’s UST coin earn about 20% interest.
According to its dashboard, the platform has seen its total value locked (TVL) explode recently. It has a TVL of more than $14 billion. Most of the TVL is in the form of total deposits while the remaining are in terms of collateral. The yield reserve of the network has jumped to over 475 million UST.
The Anchor Protocol has done well after the LUNA Foundation Guard raised over $1 billion in a token sale in February. The foundation will use these funds to support the protocol and its ecosystem. In February, the foundation also offered a cash injection to Anchor to support its yield reserves.
The four-hour chart shows that the ANC price has been in a strong bullish trend in the past few weeks. It has managed to rise from a low of $1.26 on January 28th to a high of almost $4. Along the way, the coin has moved above the 25-day and 50-day moving averages. It is also approaching the year-to-date high of $4 while the Stochastic Oscillator has moved to the overbought level.
Therefore, there is a likelihood that the bullish trend will continue in the near term as more investors pile in. The next key level to watch will be at $4. A move above that level will signal that bulls are in control and that they will continue pushing it to the next key level at $5. A drop below the support at $3.45 will invalidate this view.
This post was last modified on %s = human-readable time difference 08:55