Sign Up on MEXC
Amid the increasing bearishness in the crypto market, the ANKR coin reverted from a six-month high of the $0.0575 mark. The resulting correction tumbled the coin price by 27.3% as it reached the current price of $0.074 mark. Anyhow, after an explosive rally in the last seven, this correction is beneficial for a prolonged uptrend and offers a pullback opportunity for traders.
Key Points:
- A bearish breakdown from the $0.044-$0.043 support encourages further downfall in the ANKR price
- A golden crossover between the 50-and-200-day EMA may assist the buyers to maintain the overall uptrend
- The intraday trading volume in ANKRer is $153 Million, indicating a 34% loss.
Source- Tradingview
The last six months’ price action in the ANKR coin price has shown a V-shaped recovery in the daily time frame chart. This form of recovery indicates rapid growth and strong confidence from buyers to reach a higher price.
The coin price rallied 290% from the January low and reached a peak of the 0.0575 mark. However, the long price rejection attached to the daily candle earlier this week indicated the exhausted bullish momentum. These rejection candles and increasing selling pressure in the market triggered a quick correction.
Also Read: Crypto Presale Projects For 2023 To Invest; Updated List
The ongoing downfall has breached a local support zone of $0.044-$0.043, indicating a prolonged correction for the ANKR coin. With sustained selling, the altcoin may tumble another 17-22% to reach the next significant support of $0.0346 and $0.0325 levels.
If the coin price shows sustainability above the aforementioned support, it would indicate the market participant are interested in buying the dips. The decreasing volume during this downfall hints at the current correction temporarily.
Technical Indicator
MACD: the MACD(Blue) and signal(Orange) lines nearing a bearish crossover accentuate the weakening of bullish momentum and sellers attempt to lead a significant correction
EMAs: During occasional pullbacks, the 20-day EMA slope has provided solid support multiple times and thus trades can expect a direction uptrend until this support in its act.
ANKR Coin Price Intraday Levels-
- Spot rate: $0.041
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.044 and $0.0575
- Support level- $0.0345 and $0.0325
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
