ANKR Price Prediction 2023: How soon can ANKR price reach $0.1?

KEY TAKEAWAYS:

• ANKR price has been trading within an ascending trend since the beginning of 2023 and has had one of the strongest rallies this year of over 200%!
• ANKR has also been seeing decent positive fundamentals across the board on the on-chain front too.

ANKR PRICE HISTORY

• ANKR price has been on a very strong upward trajectory ever since the beginning of the year, as mentioned earlier has seen a spike of over 200% in the past 6-7 weeks.
• This rally in ANKR has been in line with the broader market recovery in the same timeframe in 2023, led primarily by the king coin, Bitcoin.
• Thus, with a high correlation to the overall market sentiment, we can expect ANKR price to continue its strong rally in the days ahead if the broader market sentiment remains positive.
• 2022 however was a very tough year for ANKR having lost over 85% in that year, and its all-time-high being achieved as far as back in November of 2021, at the peak of the bull run.

ANKR TECHNICAL ANALYSIS

ANKR/USD | Source: Tradingview

• As is evident from the chart above, ANKR price has been on a strong downtrend ever since the beginning of 2022 and has been a victim of the bear run.
• However, with the beginning of the new year of 2023, we saw ANKR price providing a strong trendline breakout that has been forming ever since the month of April 2022, which is a very bullish indication.
• Further, adding to that, it has rallied around 230% as we can observe on the chart, since 1 January 2023 and is well poised to continue its rally.
• In fact, it is at the highest point in the past seven months, and this, a continuation of the rally from current levels can be a game-changer.
• However, current technicals suggest that its heated rally, especially in the past week has been very sharp and thus some moderate correction to ease the RSI levels from the overbought regions could be seen.
• Also, if we see a continuation rally, ANKR price will see a golden crossover of the 50 and the 200 day moving average, which also is a good bullish indicator.

Read more: How to trade Crypto using moving averages

OVERVIEW OF ANKR ON-CHAIN ANALYSIS:

ANKR SUPPLY ON EXCHANGES vs SUPPLY ON TOP ADDRESSES

Source: Santiment

This is a metric that tried to identify the sentiment and the eventual actions of biggest holding cohort in that crypto asset’s ecosystem versus the total supply on exchanges. Thus, from the chart above we can observe that for a long time, the supply with top addresses had been high with supply on exchanges reasonably lower in terms of percentages. However, since the end of January 2023, the supply help by top addresses as a percentage of total supply has gone down dramatically while the supply on exchanges have shot up.

This essentially indicates that these top addresses might be transferring their holdings from their wallets to crypto exchange wallets, with the possible intention to sell amid the rally in ANKR price, especially now. This is a slightly poorer indication as it shows that these large holders want to get back their investments in this coin and are selling it while some retail players might be falling for some FOMO in the market and buying all the supply up, thus keeping the price of ANKR token up.

Read More: LidoDAO Price Prediction

ANKR DAILY ACTIVE ADDRESS

Source: Santiment

The volatility of any crypto asset which directly impacts the price is determined by how active the platform is. Therefore, the activeness of the platform is determined by calculating the number of addresses that interact with the platform to perform any trade. Each address is counted only once per day regardless of whether the address has placed a buy, a sell, or a swap trade.

While the metric above does hint at some worry in the underlying sentiment of the token, ANKR’s daily active addresses count has been improving of late. It saw an unnaturally big spike towards the end of January, and in the last couple of days in February – ANKR’s daily active addresses count has been steadily on the rise from its overall average. This is a decently positive indication depicted by this on-chain metric.

ANKR Development Activity

Source: Santiment

ANKR’s development activity has also been on the rise, especially since the end of the month of January 2023. This also further adds fuel to some more positivity in this particular crypto project as it shows us that the developers behind this project are working on bringing about newer features and upgrades to the network that will benefit its users. ANKR’s development activity is at the highest point in the past six to seven months now and that bodes well with the overall rally in ANKR price and we can expect more developments coming into the token in the near future.

Additional Read: Top Liquid Staking Crypto Tokens in 2023 

ANKR PRICE PREDICTION FOR 2023

ANKR price has been trading within a strong ascending trend since the beginning of the year after suffering a massive bear run all throughout 2022. The bulls have managed to hold a tight grip over the rally since this year and may keep up the bullish momentum up throughout the year. Currently, ANKR price is attempting to break out of a 10-month old resistance zone that has been tested twice before. Thus a breakout over this level in the coming week can result in a strong upward continuation rally in the token all the way up to $0.1.

However, breaking out beyond the $1 mark in the year 2023 itself would be extremely difficult as it would reach into a severe overbought zone that would risk causing a stronger correction. Thus a slower and steadier rally up to the $0.1 mark seem highly probable for ANKR. This marks a near 100% rally in ANKR price for the year 2023.

ANKR PRICE PREDICTION FOR 2024

If the overall crypto market bullish momentum were to continue all the way into 2024, we could see a continuation of ANKR price rally in this year too. With an all-time-high of around $0.21, we could see yet another 100% rally coming in the next year – going all the way from $0.1 levels in the beginning to $0.2 till the end of 2024.

ANKR PRICE PREDICTION 2025-2030

If we see a follow through rally in ANKR price in the year 2024 to touch its last ATH of $0.21, then we may enter into uncharted territory in terms of price. From here on, there are no levels of resistance that can be charted out through technical analysis, but rather would be dependent on the global macro scenario and the overall project’s popularity in the crypto space.

So, if and only if this bull run continues all the way till 2024, we could see an upward move to almost $0.3, or a near 50% jump form the end of 2024 into the year 2025.

SHOULD YOU INVEST IN ANKR IN 2023? 

ANKR is a very promising project in the decentralized finance (DeFi) space with a lot of good features up its sleeve. It is an Ethereum token (ERC-20 compliant) that powers Ankr, a Web3 infrastructure and cross-chain staking DeFi platform that aims to make it easy and affordable for anyone to participate in blockchain ecosystems by building dapps, hosting nodes or staking. However it must be noted that Ankr is operating in a very competitive marketplace with a lot of well known offerings out there. Thus to create its mark in the industry, it would need to come up with products and offerings that are unique and get a headstart ahead of the others. Despite that, it is still in a moderately good position to be a game-changing protocol.

Read more: Top dapp projects 2023