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Technical analysis: ANKR/USDT likely to decline from $0.029 level”

By:
on Dec 31, 2023
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  • The ANKR/USDT is likely to drop further after the price dropped below the bullish trend-line
  • The trading signal provided should last 1 week with a potential upside of 16.8%
  • No high-impact news this week, the price will likely remain stable

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ANKR/USDT trading strategy

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  • 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

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The price of ANKR/USDT is in continuous decline after it made a new high of around $0.032 level last week. The price almost dropped 14% and broke below the bullish trend in the 3-hour time frame.

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The price is likely to drop further after retesting the $0.029 resistance level. The market structure is bearish and the $0.029 resistance level is a major resistance that will likely push the price down.

I am expecting the price will drop to the $0.0234 support level after retesting the $0.029 resistance. The $0.029 level has acted as a strong support in the past and now it will probably act as a strong resistance. The long-term trend will likely remain bullish though.

Ankr network fundamental analysis

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Fundamentally, there are no major events that could impact the price substantially, and the price will likely follow technical and price action in the first two weeks of the new year.

Ankr to Tether trade idea takeaways

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  • The ANKR/USDT is likely to drop further after the price dropped below the bullish trend-line.
  •  The price is likely to drop to the $0.024 support level.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:3.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!
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