In yesterday’s trading session, the Ankr price dropped by 4 per cent. However, intraday trading data shows that the crypto started strongly, surging by more than 9 per cent. The surge was a continuation of the July 19 surge that had seen Ankr’s price rise by 8 per cent.
However, as the trading session progressed throughout the day, the prices started to come down. By the end of the trading session, Ankr’s price had already dropped 4 per cent from its opening price. This was a 12 per cent drop from the day’s price high.
Today, the strong bearish trend looks to be continuing, with prices showing a drop of over a percentage point. The session also shows a likelihood of the prices continuing to fall throughout the session.
The current bearish trend comes amidst the launch of the Ankr Network 2.0 upgrade that is aimed at transitioning blockchain into more resilient node networks. The upgrade will see the platform move to make Web3 more decentralized with new features such as options to run an independent node, the ability to stake node tokens on a full node and making Ankr DAO.
Looking at the price action of the past three days, today’s drop in the markets may be the start of another push to the downside. The current setup began on June 18, when Ankr’s price surged by 6%. This was followed by an 8 per cent surge on July 19. However, in yesterday’s trading session, despite starting strongly with a surge of 9 per cent in the early hours, the trend reversed and closed the markets with a loss of 4 per cent.
The drop looks to continue today, setting up a long-term bearish trend. Therefore, I expect the prices to continue dropping for the next few trading sessions. There is a high likelihood that we will see prices hit the $0.024 price level again. However, should the price trade retreat and trade above yesterday’s high of $0.034, then my bearish analysis will be invalidated. It will also mean the downside push is over.
This post was last modified on Jul 21, 2022, 12:15 BST 12:15