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Ankr Price Prediction: Is the ANKR Token a Good Investment?

Ankr Price Prediction: Is the ANKR Token a Good Investment?

Last updated 15th Dec 2022
Disclosure
  • Ankr Protocol is a leading provider of blockchain infrastructure services.
  • Its token went parabolic on Friday after receiving an investment by Binance.

Ankr price went parabolic on Friday as investors cheered the latest strategic investment by Binance. The token rose to a high of $0.058, which was the highest level since May 10th of this year. It has jumped by more than 118% from the lowest level this year.

Why is ANKR soaring?

Ankr is a blockchain infrastructure project that provides services to builders of all industries. It provides a gateway through which Web3 developers, projects, and protocols connect to the node infrastructure and development they need.

Ankr has grown substantially in the past few years. It has over 39,000 distinct developers who work in over 30 regions. It supports over 27 networks like Polygon, BNB, Optimism, and Avalanche among others. Notably, Ankr supports over 7.2 billion daily API requests.

At the same time, Ankr has developed a suite of SDKs that gives users the ability to stake their coins and earn on supported proof-of-stake chains.

Learn more about how to buy Ankr.

Ankr price rose sharply and became one of the best performers after Binance Labs made a strategic investment in the platform. In a statement, the company’s chief operating officer said:

“We are committed to support BNB Chain further scale, enhance BNB token utility by enabling DeFi composability using BNB Liquid Staking, and expand Binance Application Sidechain (BAS) ecosystem to enable innovative use cases requiring a highly scalable infrastructure.”

Ankr price rose sharply because the strategic investment was a validation of its key solutions. Historically, cryptocurrency prices tend to rally after they receive a major investment. For example, Injective Protocol’s INJ jumped sharply this week after it secured over $40 million of fresh liquidity.

Ankr price prediction

The daily chart shows that the ANKR price dropped to a low of $0.023 on June 17th. It has managed to bounce back in the past few days. It then managed to form an inverted head and shoulders pattern. At the same time, it has managed to move above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.

Ankr is still below the 23.6% Fibonacci Retracement level. Therefore, the coin will likely continue rising as bulls target the next key resistance point at $0.0681. A move below the support at $0.0400 will invalidate the bullish view.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.