ANKR Price Prediction: Likely to Retest Last Week’s Lows

Summary:

Our ANKR price prediction is not looking quite bullish as the price has broken below the major support of $0.05.

Our ANKR price prediction is not looking quite bullish as the price has broken below the major support of $0.05. In last week’s bloodbath, most of the altcoins got slaughtered as the Bitcoin price dipped to $24,500. The record-breaking sell-off also affected the ANKR coin as it dipped to $0.025 level for the first time since February 2021. At the time of writing, ANKR price is trading at $0.035, which is 83% below its April 2021 ATH of $0.21.

Ankr crypto is a decentralized array of globally distributed nodes across over 50 Proof-of-Stake networks. It is a Web 3.0 infrastructure that facilitates developers and makes DeFi more convenient for end-users. ANKR token is the native asset of the protocol. Users can pay for Ankr services and participate in network governance by holding ANKR.

According to DeFi Llama, the platform currently boasts $109 million of TVL. This figure is more than 60% down from its November 2021 TVL of $252 million. Most of the DeFi protocols are reporting a significant decrease in TVL as the crypto markets seem to be in a prolonged bear trend.

As per ANKR news today, the DeFi giant has onboarded IoTeX as its newest RPC partner. Other notable partners include Polygon, Near, Moonbeam, Fantom, Avalanche and Harmony.

ANKR Price Prediction

Technical analysis of ANKR price chart shows that the downtrend intensified after breaking down the key support level of $0.05. Although the top DeFi cryptocurrency bounced off its February 2021 lows but the ongoing bounce could be just a dead cat bounce. If ANKR doesn’t reclaim the $0.05 level, it will start acting like a major resistance area.

A further downside could send ANKR prices below $0.01 which would be a nightmare for even the long-term holders. Any bullish ANKR price prediction seems to be a far cry at this point as there are still no reversal signals. Nevertheless, a sudden reclaim of the $0.05 level might trigger a relief rally to $0.10.