Leading Web3 infrastructure provider ANKR has seen an impressive start to 2023. A slow grind up from January into February saw a +123% gain riding on the back of the 200-Day MA.
ANKR is currently trading at $0.049 (a 24-hour change of +5.5%).
This follows a jaw-dropping Tuesday afternoon which saw ANKR price skyrocket away from supportive moving averages in a +76% pump.
The explosive move was stopped at historical resistance levels from May 2022 around $0.0575.
Rejection from resistance here forced a local retracement move.
However, bulls found quick support around $0.05 – a battle is ongoing at this level as they fight to flip $0.05 to support.
This should be a familiar level for seasoned holders. The $0.05 price level provided a month-long support zone in August 2022.
How high could ANKR go?
If a flip to support succeeds, ANKR’s rally should find legs to push up to $0.65 (a +30% move).
Yet a breakdown could cause a serious tumble down to the gently ascending 200-day MA at $0.30 (-40%).
Indicators are only able to illuminate this potential consolidation slightly.
The RSI is overbought at 72 – signaling bearish divergence as ANKR struggles to cool off from the push up.
The MACD looks a little better at 0.00140 – minor bullish divergence. This reflects the price level holding around $0.05.
Overall, the Risk: Reward ratio for ANKR is 0.84.
This is an unattractive entry, and it could be advisable to wait to see whether consolidation succeeds before taking a position.
What is ANKR and why is it pumping?
Ankr Network was founded in San Francisco, California in 2017 by Chandler Song and Ryan Fang. The decentralized Web3 infrastructure provider launched the ANKR mainnet in 2019.
The project aims to offer a suite of Web3 developer tools that seek to empower developers, dApps, and staking providers.
Tuesday’s +76% rally came following an electric announcement that ANKR is partnering with Microsoft.
At the core of this partnership is the development of an enterprise-grade node service using Microsoft’s Azure software.