ANKR Technical Analysis: Bearish Forces Strong, Price Below $0.167
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ANKR Technical Analysis: Bearish Forces Strong, Price Below $0.167

April 29, 2021      Ankita Awasthi

Ankr Web3 is a blockchain network that supports 40+ PoS-based open-source blockchain protocols. It also provides a fertile ground for building decentralized apps. As per recent news, the price of the ANKR token has grown phenomenally in 2021. It has rallied by more than 2500%. However, we have to wait and see if this massive surge is sustainable in the coming days. The ANKR technical analysis is as follows:

Past Performance

On April 22, 2021, ANKR opened at $0.147. On April 28, 2021, ANKR closed at $0.173. Thus, in the past week, the ANKR price surged by roughly 18%. In the last 24 hours, the ANKR price has traded between $0.164-$0.173.

Day-Ahead and Tomorrow

Currently, ANKR is trading at $0.167. The price has decreased from the day’s opening price of $0.173. Thus, the market seems to be downtick.

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The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bearish, and we can expect the price to drop further.

The RSI indicator faced rejection at 38% and fell to the current level of 30%. Thus, selling pressures are high. The RSI indicator is, thus, giving further credence to the price decline indicated by the MACD oscillator.

The OBV indicator is also falling steadily. Hence, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the ANKR price. Thus, all three oscillators have given bearish signals or indicated a price fall.

ANKR Technical Analysis

As per technical analysis, currently, the price has fallen below the first Fibonacci pivot support level of $0.167. As the bearish forces seem strong as of now, we can expect the price to fall below the subsequent support levels of $0.164 and $0.161 respectively, soon.

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The price has tested and fallen below the 23.6% FIB retracement level of $0.166. It may soon fall below the 23.6% FIB extension level of $0.162 as well. Thus, at present, the price downtrend is strong and expected to continue today as well as tomorrow.

#ANKR #Ankr Web3
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.