2022-5-28 01:02 |
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
Will ANKR recover in 2022?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.
Is ANKR worth buying?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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