Anchor Protocol (ANC) Price Rebounds Despite Sluggish Market Trend
- Anchor Protocol (ANC) returned to its bullish shape after a two-month decline.
- ANC’s price might fall to its rising trend line support.
The Terra blockchain’s largest DeFi platform, Anchor Protocol (ANC), looks to be swimming against the current. While the market was in freefall, its ANC token surged by more than 13%. This May, Anchor Protocol (ANC) returned to its bullish shape after a two-month decline of almost 70%.
Could Not Continue Momentum
Between May 1 and May 6, ANC’s price rose by a little over 42.50 percent to $2.26, the highest level in three weeks. After slamming into what looks to be a resistance confluence on May 6 and 7, the coin saw a selloff.
ANC’s price might fall to its rising trend line support, which coincided with the floor at $1.67 and preceded a 175% price rise between February 20 and March 5 if the drop continues. ANC’s current price of $1.89 is approximately 30 percent below the 1.00 Fib line at $1.32 if the trend line is broken decisively.
The ANC’s RSI (relative strength index) climbed from below 30 (oversold) to around 50 in the previous seven days, indicating that the Anchor market might see gains until the RSI crosses 70, the overbought level. To break over the $2.28 resistance confluence, the Anchor Protocol token has the potential to break above the 0.618 Fib line, which is located at $3.
Anchor offers one of the highest yearly yields of any DeFi platform, which is 18 percent. During times of market turmoil, this makes it particularly appealing for returns. The fact that ANC is Anchor’s governance token means it gains from any platform inflows.
According to CMC, the Anchor Protocol price today is $1.89 USD with a 24-hour trading volume of $100,970,571 USD. Anchor Protocol has been down 8.09% in the last 24 hours.
Read more: https://thenewscrypto.com/anchor-protocol-anc-price-rebounds-despite-sluggish-market-trend/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
