Anker (ANKR) continues to show bearish signs and may remain on a downside for weeks. The coin is buried below several important resistance areas. It will take a significant change in timing and sentiment for this overall bearish outlook to reverse. Here are some points:
The ANKR was largely exposed to the collapse of the UST about a week ago.
The recovery of UST in the recent past, however, has failed to translate into profit for ANKR.
The coin has lost around 5% in the last 24 hours.
Data Source: TradingView
Will ANKR recover in 2022?
The long-term outlook for ANKR has always been positive. However, there is still a long way to go before the coin reaches any meaningful milestone. Firstly, the biggest challenge will be to cross the $0.041 resistance area. At the moment, ANKR is about 15% away from it.
However, we do not see a token test of $0.041 in the coming days. In fact, due to widespread weakness in the crypto market, ANKR is likely to retreat at least 10% by the end of the week before its next move. This will push the coin towards its next support near $0.031.
Now, here is where things can get interesting. If ANKR indeed consolidates above $0.031 for a few days, it could reverse the downtrend and test $0.04. But if the bulls fail to sustain it, the ANKR is likely to trade below $0.023 by the end of June.
Is ANKR worth buying?
ANKR still maintains very good fundamentals, despite the price drop over the past few weeks. In fact, the project recently announced a major partnership with the Tron Network.
Hence, for a long term buyer, ANKR is a good buy. However, wait a few weeks for the price action to reverse further. This way, investors can get even bigger discounts as they await a longer term ANKR recovery.