Should you buy Ankr after correction? Charts indicate an imminent rise

After a rally of almost 100% at the beginning of November, Ankr (ANKR/USD) has now been corrected by over 35%. Now the coin has finally reached the lower trend line, so a reversal is expected soon.

Ankr looks very bullish for the coming weeks. The crypto market has held up after a huge rally during the correction above the trend line and could therefore soon reach a new high. Is now the right time to buy Ankr? Or should you wait for a lower price?

A closer look at this year’s charts:

  • After a massive breakout from the symmetrical triangle, Ankr retested the bottom trendline and successfully picked up the rejection of the support: A great-like sign for investors.

  • After the collapse of all major coins on Wednesday, Ankr fell below the trend line. However, huge volumes of purchases helped the price to recover above the trend line. This suggests that Ankr could start a rally again, especially after the shakeout on Wednesday.

  • Ankr was in the overbought zone at the time of its breakout and has now created space in the RSI to be bought again after the correction. This suggests that the rally could be enormous.

  • The 50- and 200-day moving averages are also extremely close to a golden crossover, which last occurred in 2020. Therefore, there is a high probability that some huge movements will be seen in the coming months.

  • You could make a long entry as long as it is above the bottom trendline and as soon as there is momentum up again.

  • A target can be set at $ 0.14, followed by $ 0.164. Investors willing to hold on longer term could consider a target of $0.0181. 

  • A stop loss is maintained at $0.104.

Conclusion

Ankr has formed a very bullish structure and a continuation of the rally could be seen very soon. This time we could also reach new Höchststände. However, investors should maintain a stop loss. Because there is still a slight change that could break away from the support. 

Should You buy Ankr after the correction? Charts indicate an imminent rise appeared first on Coin Hero.

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