Technical analysis: ANKR/USDT likely to decline from $0.029 level
- Buy/sell asset: Sell ANKR/USDT
- Entry price: $0.029
- Stop loss: $0.0309
- Leverage: 1x
- Take profit 1: $0.027
- Take profit 2: $0.026
- Take profit 3: $0.024
- Timeframe: 1-2 weeks
- Maximum profit: 16.4%
- Maximum loss: 5.6%
ANKR/USDT chart and technical analysis
The price of ANKR/USDT is currently on the decline, following a recent high of approximately $0.032. This decline amounts to nearly 14% and has resulted in a break below the bullish trend in the 3-hour timeframe.
Upon retesting the $0.029 resistance level, it is likely that the price will continue to drop. The market structure is bearish and this resistance level is a significant barrier that will likely drive the price downwards.
After retesting the $0.029 resistance, I anticipate that the price will reach the $0.0234 support level. Historically, the $0.029 level has served as a strong support, and it is likely to act as a formidable resistance this time. However, the long-term trend is expected to remain bullish.
Ankr network fundamental analysis
Fundamentally, there are no major events anticipated to significantly impact the price. As such, the price will likely be influenced by technical factors and price action in the first two weeks of the new year.
Ankr to Tether trade idea takeaways
- The ANKR/USDT pair is expected to continue declining following the break below the bullish trendline.
- The price is likely to drop to the $0.024 support level.
- Multiple take-profit levels have been suggested to secure profits along the way.
- The risk-to-reward ratio for this trade is 1:3.
- The entry and stop-loss prices have been set at secure levels with a low probability of being hit.
- Wishing you the best of luck with the trade!
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