- ANKR token price breaks out of a short-term downtrend with a boom in buying volume resulting in more than 60% gain within two days.
- The coin price of ANKR trades just above the 20 EMA after breaching the 50 EMA in the 4-hour technical chart.
- The ANKR/BTC pair trades at 0.0007484 BTC with an intraday gain of 8.41%.
ANKR Token price rose more than 60% within two days after finding demand near $0.053. The boom resulted in a morning star pattern, then projecting a strong up move.
The rise in buying pressure resulted from the increase of 108% in intraday trading volume. As a result, the coin price may soon hit the $0.093 mark if the uptrend sustains.
ANKR token price rose from the depths of $0.067 to reach the heights of $0.081 in the past 24 hours. Presently, the ANKR coin price is $0.074, with a rise of 7.92% in the market cap.
Resistance After Resistance For ANKR Token
The daily technical chart of the ANKR Token has formed an attractive morning star pattern with a massive rise in buying volume. The bullish pattern projects a strong uptrend but is opposed by multiple resistance levels.
ANKR Token price may soon reach the heights of $0.093 before facing opposition from a downtrend and resistance level of $0.093. However, the increasing bearishness of the overall crypto market might result in a reversal shortly.
The resistance level of $0.093 and $0.12 patiently wait above the short-term downtrend to oppose the bulls. However, the likely fall might find support from the $0.05 and $0.02 levels.
The RSI indicator (bullish) projects increasing bullish sentiments as the RSI line spikes higher and moves just below the oversold zone. On the other hand, the ADX indicators project a sudden fall in trend momentum resulting from the recurring Doji formation in the 4-hour timeframe.
In short, the coin price is close to being oversold, with losing trend momentum, projecting a high possibility of reversal.
Conclusion – The recent rise of 60% in the ANKR token is opposed with much resistance making the path difficult for the bulls to grow.
Investors may find the bullish morning star pattern an attractive entry point, but the increasing possibility of reversal suggests holding on to your chips.
Support – $0.053 and $0.022
Resistance – $0.093