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Ankr (ANKR) continues to show bearish signs and could remain on the downside for weeks. The coin is suppressed below several crucial resistance zones. It will take time and a significant change in sentiment for this overall bearish outlook to reverse. Here are some points:

ANKR was largely exposed to the UST collapse about a week ago.

UST’s recovery in recent days has however failed to translate into gains for ANKR.

The coin lost nearly 5% in the last 24 hours.

Data Source: TradingView

The long-term outlook for ANKR has always been positive. However, there is still a long way to go before the coin reaches any meaningful milestones. First, the biggest challenge will be to overcome the $0.041 resistance zones. At the moment, ANKR is roughly 15% away from this. 

However, we don’t see the token testing of $0.041 in the coming days. In fact, owing to the broader weakness in the crypto market, ANKR will likely retreat by at least 10% by the end of the week before its next leg up. This will push the token towards its next support of around $0.031. 

Now, here is where things might get interesting. If indeed ANKR consolidates above $0.031 for a few days, it may reverse the downtrend and test $0.04. But if bulls fail to hold that, then ANKR will likely bottom at $0.023 by the end of June.

Despite the price decline over the last few weeks, ANKR still retains very good fundamentals. In fact, the project recently announced a major partnership with the Tron Network. 

So, for the long term buyer, ANKR is a decent buy. However, wait a few weeks for the price action to retreat further. That way, investors can get an even bigger discount as they await a long term ANKR recovery.

The post Ankr’s (ANKR) bearish outlook continues as the coin struggles to escape major resistance appeared first on CoinJournal.

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