For the past few days, Ankr (ANKR) has been rebounding in spectacular fashion. The token is buoyed by improving sentiment in the crypto market and increased network news that has got investors buzzing. But can this bullish momentum actually hold for long? Here are some highlights:
At the time of writing, Ankr (ANKR) was trading at around $0.07585, up nearly 16% in 24-hour intraday trading.
ANKR is also up 20% from the lowest levels recorded during the January crypto crash.
The ANKR network processes over 1 billion transactions per month, making it one of the most notable blockchain projects today.
Data Source: Tradingview.com
Ankr (ANKR) – Can bullish momentum hold?
The recent bounce in price came as a big surprise. Although most cryptos are rebounding after falling sharply for most of 2022, surging by nearly 15% in a day is a big deal for ANKR. Besides, looking at the technical indicators, it seems like ANKR is also starting to break out.
The price is right now hovering between the 25- and 50-day EMAs. We expect it to surge past this threshold in a bullish run that could send the token way up. Also, the Relative Strength Index or RSI offers an oversold reading.
This simply suggests that even if there was some selling pressure on ANKR, it will not be as big as we have seen in 2022. We are also seeing general sentiment in the market improve even further. All these factors suggest that we may see more gains in the near term.
Should you buy Ankr (ANKR)
Yes, this is a good buy and for several reasons. First, the Ankr network is by far one of the most promising blockchain projects in the world. It has managed to hit 1 billion transactions every month, with more expected in the near term. Based on that growth potential, it is a token you should have in your portfolio.