Ankr Finds Support From 100 EMA; All Set to Conquer 200 EMA!

Ankr is a Decentralized Web three infrastructure provider that enables developers, decentralized applications, and stakers to interact with various blockchains. Ankr does this by creating a gateway to independent nodes on many different blockchains that can be accessed by developers. 

Using these nodes, developers can read and write data on networks like Ethereum, BNB Smart Chain, Phantom, Polygon, and many more without relying on centralized providers or node operators. ANKR holders also can explore liquid staking solutions to maintain liquidity while locking up their assets.

Originally, ANKR focused on centralized methods before transforming them with decentralized methods. In the present day, it is one of the fastest growing decentralized infrastructure protocols, serving close to 10 billion blockchain requests daily. Ankr Protocol relies on independent node providers to make it easier for users to access decentralized infrastructure at an affordable price.

ANKR is the native utility and governance token that facilitates all network operations. It can be used as both an ERC-20 or BEP-20 token. It plays the core function and Ankr protocols for a decentralized infrastructure marketplace. The latest market capitalization of ANKR remains close to 400 million tokens, with 97% of its entire supply available in the markets, making it a highly decentralized blockchain and cryptocurrency.

Ankr token has moved upwards since a major buying outbreak was noticed on August 11, pushing the token significantly in a single day. The breakout buying resulted in consistent profit booking, pushing Ankr back to the support of the 100 EMA curve. Outlook seems positive but requires higher buying sentiment. Read our Ankr coin price prediction to know when the buying sentiment will rise for the token.

Ankr Price Chart

Ankr token has again started to move in a positive direction, backed by a higher buying activity. The MACD indicator, which was moving in a bearish crossover pattern, has indicated the possibility of a bullish crossover, and RSI has found some strength. 

Investigating the candlestick patterns shows profit booking just above the 200 EMA, consistent throughout the day Ankr breached the 200 EMA and continued for a week. The bearish crossover candle formed on August 17 created the ambient scenario of profit booking, which resulted in a significant decline. This downfall has now been limited as Ankr has again started moving upwards. Ideally, an asset should consolidate at each important moving average curve to confirm the strength of buyers and identify the key resistance levels. 

RSI is currently trading at 53, with the current day candlestick holding a marginal gain; closing the day on a positive note will add strength to buying sentiment enabling the token to take another attempt at breaching the 200 EMA curve. The formation of larger wicks on the negative end on August 22 and 23, 2022, further strengthens the opportunistic buying action witnessed here. The price action-based immediate resistance for the ANKR token is significantly upward as the current trading value is $0.04. The ideal breakout would be at the cross-over of 100 and 200 EMA curves that could aid ANKR in further moving ahead towards $0.0578.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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