Amid the increasing bearishness in the crypto market, the ANKR coin reverted from a six-month high of the $0.0575 mark. The resulting correction tumbled the coin price by 27.3% as it reached the current price of $0.074 mark. Anyhow, after an explosive rally in the last seven, this correction is beneficial for a prolonged uptrend and offers a pullback opportunity for traders.

Key Points: 

A bearish breakdown from the $0.044-$0.043 support encourages further downfall in the ANKR price
A golden crossover between the 50-and-200-day EMA may assist the buyers to maintain the overall uptrend
The intraday trading volume in ANKRer is $153 Million, indicating a 34% loss.

Source- Tradingview

The last six months’ price action in the ANKR coin price has shown a V-shaped recovery in the daily time frame chart. This form of recovery indicates rapid growth and strong confidence from buyers to reach a higher price.

The coin price rallied 290% from the January low and reached a peak of the 0.0575 mark. However, the long price rejection attached to the daily candle earlier this week indicated the exhausted bullish momentum. These rejection candles and increasing selling pressure in the market triggered a quick correction.

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The ongoing downfall has breached a local support zone of $0.044-$0.043, indicating a prolonged correction for the ANKR coin. With sustained selling, the altcoin may tumble another 17-22% to reach the next significant support of $0.0346 and $0.0325 levels.

If the coin price shows sustainability above the aforementioned support, it would indicate the market participant are interested in buying the dips. The decreasing volume during this downfall hints at the current correction temporarily. 

Technical Indicator

MACD: the MACD(Blue) and signal(Orange) lines nearing a bearish crossover accentuate the weakening of bullish momentum and sellers attempt to lead a significant correction 

EMAs: During occasional pullbacks, the 20-day EMA slope has provided solid support multiple times and thus trades can expect a direction uptrend until this support in its act.

ANKR Coin Price Intraday Levels-

Spot rate: $0.041
Trend: Bullish
Volatility: Medium
Resistance level- $0.044 and $0.0575
Support level- $0.0345 and $0.0325

The post The Ongoing Correction Phase Puts ANKR Price At 22% Downside Risk appeared first on CoinGape.

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Filed under: News - @ February 26, 2023 4:02 am