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Ankr’s price was trading at $0.02038 on Thursday after using 1.5% daily and more than 5% over the last two days. As it changes in a second bullish session, bulls hope the price will edge higher to undo all the losses incurred last week.
Ankr Price Seeks to Recover, but Downside Remains
After being rejected by the Simple Moving Averages (SMAs) around the $0.024 supplier congestion zone, ANKR price went on a free fall, dropping 29% to $0.01723. The long lower wick on the August 17 candlestick suggested that the buyers were aggressively defending the $0.0190 demand zone.
This support provided a launching pad for a recovery that has seen the crypto recover more than 18% of the losses to the current price. This price action has formed a bullish flag on the daily chart (see below). The flag is a pennant characterized by higher lows and relatively equal highs.
ANKR was fighting to stay above the immediate support at the $0.020 psychological level, also embraced by the flag’s supporting line. Note that a daily candlestick close below this level would spell doom for the bulls, who would retreat toward the $0.0190 support level.
Additional lines of defense emerge from the $0.018 psychological level or the $0.01723 swing low. Beyond this level, the ANKR token may slide to tag the pessimistic target of the prevailing chart pattern at $0.0140. This would represent a 31% drop from the current price.
ANKR/USD Daily Chart
Supporting this gloomy outlook was the bearish chart formation. This chart pattern indicates a potential continuation of an asset’s price downtrend. It is considered a continuation pattern because it often appears amid an existing downward movement, suggesting that the prevailing trend will likely persist. It typically reflects a temporary pause in selling pressure, represented by the flag, before the downtrend resumes.
Also supporting this bearish thesis were the positions of the oscillating indicators in the negative region. This suggested that the market conditions still favored ANKR’s downside.
On the upside, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators were facing upwards. This suggested that the buyers had begun re-entering the market. A rise above the flag’s resistance line at $0.02059 would mean the bulls are determined to end the downtrend.
If this happens, ANKR price may rise toward the SMAs between $0.0223 and £0.0238 before reaching the tip of the flag’s post at $0.0243.
ANKR Alternatives
While Ankr’s price remains bearish and uncertain, investors could turn to new cryptocurrencies, specifically those currently in their presales with the potential to make 20X returns in 2023.
One of the biggest and most popular is Wall Street Memes (WSM). The project’s presale has entered its final round, selling its token for $0.0337. It is lined up for listing on multiple tier-one exchanges in September,
The project has raised over $25 million during its presale and will likely raise that figure to $26m or higher before the end.
That said, anyone seeking to buy the token should act now, as this is their final chance.
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