Sunday, December 4, 2022

Ankr’s (ANKR) bearish outlook continues as the coin struggles

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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.

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