ANKR Technical Analysis: Testing Strong Support at $0.010774

ANKR provides affordable blockchain node hosting solutions by utilizing shared resources. It offers company clients the ability to easily deploy blockchain nodes at a cheaper rate than industry peers. Such nodes take away the centralization issue. The ANKR technical analysis is as follows:

Past Performance 

In the past seven days, increasing volume led to an increase in the volatility and the price traded between the range of $0.07288 and $0.1629. In March, it created its all-time high at $0.2252 and is 50.29% down from that level.

Link: https://www.tradingview.com/x/zXev11b2/

Day Ahead And Tomorrow 

In the past 24 hours, the price has decreased by 17.97% and a change of $0.02294 in the price has been recorded. At the time of writing, ANKR is trading at $0.010871 testing strong support at $0.010774.

Although the chart is forming a bullish flag, the price level has formed a double top pattern. It is a showing strong bearish reversal pattern, after the price retest the resistance twice and is unable to break the level it forms a double top pattern.

As the triangle is narrowing down, if the price closes below the support level on the daily chart it will highlight the next support zone. Whereas, if the price breaks the above resistance level, it will be a break-up and traders can take a long position from that level.

ANKR Technical Analysis

Meanwhile, according to the Relative Strength Index, sellers have been dominating the trend. The RSI is quite below the equilibrium and if the same selling pressure continues it can reach the oversold zone.

The MACD is indicating a bearish pattern as it has crossed zero and entered the negative zone. Till the time signal line crosses the MACD line from below we will be in a bearish trend.

If traders are taking a short position below the support level of $0.10704, they can book profit at various levels till the next support level that is $.0.06925. Whereas, keeping the stop loss at $0.12593.