ANKR price entered into an uptrend during mid-June 2023, rising from a low of $0.019 to a high of $0.02944. The cryptocurrency after the release of news regarding BlackRock, an investment management firm, filed for Bitcoin Spot ETF.
On August 1st, ANKR price finally broke the uptrend and fell below the bullish trend line. After the bullish momentum faded, the cryptocurrency price consolidated below $0.024. The asset price broke out from the consolidation zone on August 15th and fell to the same support level from the bullish rally started, which is $0.019.
The ANKR price has formed a support at $0.01710 and commenced a bullish rally. The previous candle faced rejection from $0.0193 and closed bearish. The current candle is bullish but has not broken the previous candle’s high.
If bulls can push the price above $0.0193, it might head toward the next minor resistance level of $0.02050 and potentially toward the next significant resistance level of $0.024. ANKR’s price needs to rise above $0.0205 to experience some decent gains.
On the other hand, if the next candle can break low of the current candle and recently formed support of $0.0183, it might retrace back to the support level of $0.0171.
ANKR Collaborates With Tencent Cloud
ANKR, a leading web developer hub, has joined forces with Tencent Cloud to unveil a groundbreaking product to revolutionize how developers access blockchain infrastructure.
The partnership introduces “Tencent Cloud Blockchain RPC,” a Web3-native Remote Procedure Call (RPC) service designed to offer high-performance blockchain node access for organizations and enterprises.
Tencent Cloud Blockchain RPC will provide several versions of the service, including a public version with free blockchain interaction, a premium version with a Pay-as-you-Go option for enhanced throughput and rate limits, and an enterprise-exclusive version created to cover a broader range of use cases and regions globally.
Will ANKR Price Cross Above $0.0205?
The cryptocurrency price has surged above the 20-day exponential moving average, suggesting a rise in bullish momentum. However, the market is showing a bullish trend. The Chaikin money flow (CMF) score melted below the 0 mark, indicating slight weakness and capital outflow from the market.
The relative strength index has surged from the oversold zone and currently trades at 47.29, implying a rise in the participation of bulls in the market. The long-short ratio is 0.91, with 47.89% longs and 52.11% shorts, suggesting a higher number of selling positions in the last 24 hours.
Conclusion
The market structure and price action of ANKR is turning bullish after touching and bouncing off from the support level of $0.1710.
Technical Levels
Major support: $0.0183 and $0.0171
Major resistance: $0.0205 and $0.0240
