Time to Go Bullish on ANKR?

ANKR is a decentralized platform that aims to revolutionize the way blockchain networks and applications access computing resources. By utilizing distributed cloud technology, ANKR enables developers and users to tap into a vast array of computing power from idle hardware resources worldwide.

This approach promotes a more inclusive and scalable ecosystem, making it easier for blockchain projects to thrive without the need for traditional data centres or centralized cloud providers.

From a technical analysis perspective, this cryptocurrency is also very attractive. The monthly time frame is defined as bullish in terms of structures, while the price flow is also very favorable.

ANKR/USDT - 1 Week Time Frame

The buying pressure lasted 54 candles while the correction lasted 122 candles. In December, the important monthly Imbalance zone from the previous impulsive move was filled.

Further buying pressure followed, stopping just below the 0.06 level, creating two equal highs (EH,) thus boosting liquidity. Some traders sold, but in the context of the higher timeframes and structures in this market, it may be more preferable to go bullish.

In the case of buy positions, this zone will potentially serve as the first profit taking zone. If the price closes below 0.0145 on the weekly time frame, this will represent an area for a deeper correction and the buy set-up will be invalidated.