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Vikram
May 5, 2022
by Vikram

ANC Technical Analysis: Bulls Prep Reversal Within Bear Channel

ANC
ANC prices show a bullish reversal from the descending trendline within the bearish channel. Should you bet on a prolonged buying spree?

Key technical points:

  • ANC market price increased 11.24% in the last 24 hours.

  • The MACD indicator shows a bullish crossover.

  • The 24-hour trading volume of Anchor Protocol is $100 Million, reflecting a rise of 286%. 

    • Past Performance of ANC

    Since March, ANC prices have dramatically fallen, resulting in the falling channel pattern and crackdown of multiple support levels. As a result, the downfall reaches the $1.54 support level in two months from the heights of $6, marking a deflation of 75%. However, the recent bullish recovery from the support trendline decreases the deflation rate from 75% to 67%. 

    TradingView Chart

    ANC Technical Analysis 

    ANC prices grow under increasing buying pressure, evident by the intraday trading volume reflecting a rising trend during the bullish reversal. Hence, the buyers gain confidence and project a potential uptrend to the $2.22 level if it surpasses the psychological barrier at $2.

    The bullish reversal struggles to sustain above the midline of the Bollinger bands but strives to achieve the resistance trendline. Hence, the midline breakout will clear the bullish path to the resistance trendline.

    The MACD and signal lines regain the bullish alignment with a positive crossover and end the bearish trend in the histograms. Hence, the indicator shows a high possibility of an uptrend to the resistance trendline.

    The daily RSI slope barely escapes the oversold region and surpasses the 14-day average line to maintain a sideways trend. A steady rally towards the neutral line indicates weakness in the bearish momentum. 

    In a nutshell, ANC technical analysis shows an uptrend possibility above the $2 mark.

    Upcoming Trend 

    ANC market price shows a bullish trend in action challenging the psychological mark of $2 but facing higher price rejection. However, the ongoing rising trend in trading volume projects a high possibility of an uptrend to the topmost resistance trendline close to $2.22.

    However, the reversal rally could surpass the $1.70 support level to reach the psychological level of $1.50.

    Support Levels: $1.70 and $1.50

    Resistance Levels: $2 and $2.25

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    ANC Anchor Protocol
    ANC Technical Analysis: Bulls Prep Reversal Within Bear Channel
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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