ANKR Gained 12% In The Last 24 Hours. What’s Pushing It?

Although it hasn’t been easy, the crypto market has been on its recovery journey since mid-July. There have been some rallies that didn’t last long, followed by extended periods of pullbacks that caused more panic. No one knows what the future holds in the near term.

While some tokens are struggling to stay afloat others appear to be taking positive steps. Many in space have been shocked by the ANKR price movements in the past 24 hours.

Read Related Article: Ethereum ETH back on track, will ETH regain $2,000?

Between August 24th and August 25th, the token gained 12% while other tokens struggled to maintain their prices. As of the writing date, ANKR has risen to 19.89%,It is the most profitable crypto in the Top 100 by Market Cap, making it the Best-Performing Crypto.

ANKR/USD Chart Trend for 4-Hour 

This chart displays the bullish trend in ANKR prices from August 24-25. A bullish trend is evident when the MACD line pushes to surpass the signal line. Also, ANKR’s 14-day RSI is at 61, meaning an imminent move to the overbought region. The token price has reached territory when it moves from the lower left towards the upper right.

ANKR is considered to be in the overbought area once its price rises for an extended time with fewer pullbacks. If the momentum is maintained, this could occur. 

The ANKR current price is $0.04211. This represents a steady climb from $0.0409 today. It could climb above $0.050809, which would mark its first resistance point before August 25, if the current rally continues.Source: ANKRUSD price chart at TradingView.com

But if the bullish momentum doesn’t last long, ANKR might not recover its August highs of $0.059 soon.  

ANKRUSD
ANKR’s price is currently trading around $0.04158. | Source: ANKRUSD price chart from TradingView.com

What’s Pushing ANKR Price

ANKR ranks 92 in CoinMarketCap. This means that it is outperforming both BTC (number one) and ETH (number two). However, the overall crypto market hasn’t performed optimally this week. Trend data suggests that the recovery process is taking longer than we expected. 

Bitcoin, for instance is slowly moving towards the $22K price point. BTC’s price on CoinMarketCap currently stands at $21,705.68 after it gained only 1.59% on its August 24 price. However, Ethereum gained 3.82% in 24 hours, pushing its price to $1703.33. 

 Judging from the price movements of the top cryptocurrencies, there’s no reason ANKR should surge at this speed. ANKR launched its new website, but there was one more development. Staking ServiceOn August 10, Network announcements stated that this move would decentralize node infrastructure.

Read Related Reading

The expanded functionalities of the network have attracted investors’ and traders’ interest in the crypto. ANKR bulls can continue to maintain the current trend and the token price may rise above the previous highs. The data also indicates that over the past 24 hours, crypto market cap increased by 1%. If the overall crypto market reboundes, then the ANKR may also see a rise in price.

Featured image by Pixabay, chart from TradingView.com

Get more Crypto News at CFX Magazine