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Ankr Network token rose after becoming a RPC for Sui blockchain
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ANKR remains subdued by a resistance
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The token could correct despite the intraday gains
Ankr Network (ANKR/USD) witnessed increased investor interest on Thursday, pushing the token up 6%. The gains reflected positive cryptocurrency news. Attention will not shift to whether the token will sustain gains as it hits a key resistance level.
Ankr is a platform that provides access to the decentralised internet. The network aims to eliminate the barriers to entry to the blockchain by decentralising control to users and developers. To achieve this objective, Ankr provides simple tools and interfaces for Web3 development. ANKR is the native token that powers the ecosystem and helps in on-chain governance.
Thursday’s gains of ANKR token came after becoming the first Remote Procedure Call provider for the Sui blockchain. The announcement on November 22 indicated that Ankr would let developers create and upgrade dApps on top of Sui. Ankr will also support the Sui mainnet after it goes live. There is additional expected support for docs, tools, and features for the Web3 developers. The partnership also opens opportunities for geo-distributed and decentralised RPC for Sui.
The latest announcement also coincides with the increasing growth of Ankr staking. According to the network’s November 23 Twitter post, more than 56,000 ETH has been staked with Ankr staking. The developments have since fueled increased speculation for the network’s native token.
ANKR faces correction at $0.026 despite the intra-day surge
Despite the intra-day gains, ANKR has met resistance at $0.026. The cryptocurrency is correcting, resulting in a potential bearish pin bar below the key level. Besides, the long-term trend for the token is bearish.
When to buy ANKR?
ANKR should not be on your list of cryptocurrencies to buy despite a positive price action. A recovery from the bearish market will be confirmed if the cryptocurrency breaks above the $0.026 support. Buyers will still need to be cautious of a retracement at the descending trendline.
On the flip side, the formation of a bearish signal below the key support would make ANKR vulnerable. A price back to the $0.019 support or lower would be in sight.
Where to buy ANKR
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Ankr (ANKR/USD) surged by 15% on Tuesday, making it one of the top intraday gainers on the day. The gains came on the back of positive cryptocurrency news.
Into the briefs – ANKR is an Ethereum-based token for the Ankr network. The protocol supports Web3 infrastructure and acts as a cross-chain DeFi staking platform. The network aims to make it easy and less expensive for everyone to participate in blockchain through staking, building dapps, and hosting nodes. The ANKR token is used for payments, governance, and insurance for network users.
Tuesday’s gains came after Ankr became one of the first Remote Procedure Call providers for Layer-1 blockchain Aptos. The partnership allows developers to build scalable and safe dApps on top of Aptos. The Monday announcement follows other developments.
Last month, Ankr partnered with Polygon to expand Web3 building for supernet developers. Earlier on, Ankr joined with ssv.network to create a trusted and secure form of ETH Liquid Staking.
ANKR overcomes oversold bottom after the latest gains
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Uphold
Uphold is a platform which has over 50 cryptocurrencies to choose from.
It’s users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades.
Users who are on Brave’s internet browser can also earn BAT tokens based on their browsing habits.
Source – TradingView
The technical outlook shows ANKR has overcome an oversold bottom of $0.026. The cryptocurrency met resistance at the descending trendline and is facing some correction.
Based on the descending trendline, ANKR’s recovery could be followed by a sharp correction. However, $0.026 is the base level for the token, as it is yet to break below it since May. If we are to see further gains, bulls must overcome the descending trendline.
ANKR concluding thoughts
The latest developments give a bullish boost to ANKR. However, as long as the price remains below the descending trendline, we would be hesitant to issue a bull call. Nevertheless, ANKR is signalling a price bottom at $0.026. Thus, it could be a matter of time before we experience a bullish reversal of the cryptocurrency.