{"id":432743,"date":"2023-08-24T11:14:38","date_gmt":"2023-08-24T11:14:38","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=432743"},"modified":"2023-08-24T12:25:27","modified_gmt":"2023-08-24T12:25:27","slug":"ankr-price-prediction-ankr-grows-by-2-whats-the-buzz-about","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ankr-price-prediction-ankr-grows-by-2-whats-the-buzz-about","title":{"rendered":"Ankr Price Prediction: ANKR Grows by 2% \u2013 What\u2019s the Buzz About?"},"content":{"rendered":"

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. <\/span><\/p>\n

Ankr Price Seeks to Recover, but Downside Remains<\/span><\/h2>\n

After being rejected by the Simple Moving Averages (SMAs) around the $0.024 supplier congestion zone, ANKR price<\/a> 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.<\/span><\/p>\n

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. <\/span><\/p>\n

ANKR<\/a> 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.<\/span><\/p>\n

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. <\/span><\/p>\n

ANKR\/USD Daily Chart<\/b><\/span><\/p>\n

\"Ankr<\/a>
TradingView Chart: ANKR\/USD<\/a><\/figcaption><\/figure>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

If this happens, ANKR price<\/a> may rise toward the SMAs between $0.0223 and £0.0238 before reaching the tip of the flag’s post at $0.0243.<\/span><\/p>\n

ANKR Alternatives<\/span><\/h2>\n

\"wall<\/a><\/p>\n

While Ankr’s price remains bearish and uncertain, investors could turn to new cryptocurrencies<\/a>, specifically those currently in their presales with the potential to make 20X returns in 2023.<\/span><\/p>\n

One of the biggest and most popular is Wall Street Memes (WSM)<\/span><\/a>. 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, <\/span><\/p>\n

The project has raised over $25 million during its presale and will likely raise that figure to $26m or higher before the end.<\/span><\/p>\n