While the markets are recovering, ANKR price prediction is yet to flip bullish. After getting rejected from the $0.034 level, ANKR crypto tagged the low of $0.0258 this week. The $0.025 price region has become strong support after several successful retests. The price is still trading sideways amid the first significant relief rally across the whole market.
Most altcoins immediately turned green after the announcement of a rate hike on the 27th July. Many cryptocurrencies marked higher highs on the 4H and daily timeframes. ANKR coin also showed mild recovery, but it is yet to make a higher high. At the time of writing, ANKR price is trading at $0.0297 after losing 1.1% within the last 24 hrs.
According to the official ANKR news, the team has released the Whitepaper 2.0. The updated whitepaper explains the project’s vision and the utility of the ANKR token in detail while covering the other ANKR products as well.
As per DeFi Llama, the protocol TVL is constantly decreasing. There is currently $106 million locked on the platform across 6 blockchains. The network supports Ethereum, BSC, Avalanche, Fantom, Polkadot and Kusama. Most of the funds are locked on the Ethereum blockchain.
Technical analysis of ANKR coin shows signs of prolonged bearish accumulation. The coin has been stuck in a sideways price action since May. If the $0.025 support gets broken, the next major support lies around $0.01. The only way to avoid this bearish ANKR price prediction is to make a higher high on the daily chart by reclaiming the $0.04 level.
Another major hurdle in the price’s recovery is the $0.05 level which has acted previously as strong support. This level might act as resistance after the reclaim of $0.04. Also, like most altcoins, ANKR mostly follows BTC price action. Therefore, if the Bitcoin price continues to recover, ANKR might also gain some strength. On the other hand, if BTC retests 20k once again, then most altcoins might dip to fresh lows.
This post was last modified on Aug 01, 2022, 08:27 BST 08:27