ANKR has gained 12% in the last 24 hours.  What’s pushing it?

ANKR has gained 12% in the last 24 hours. What’s pushing it?

Although it has not been easy, the crypto market has been on the road to recovery since mid-July. There were some rallies that didn’t last long, followed by extended periods of withdrawal that caused more panic. So no one can say in which direction to expect in the short term.

But while some tokens are struggling to stay afloat, others seem to be making positive leaps. For example, ANKR’s price action over the past 24 hours has shocked many in the space.

Related reading: Ethereum ETH on the run again, will ETH regain $2,000 again?

The token gained 12% between August 24th and early August 25th, while others struggled to hold their price. At the time of writing, the ANKR rose to 19.89%, making it the best cryptocurrency in the top 100 by market cap.

ANKR/USD 4-Hour Chart Trend

This price chart emissions bullish trend for ANKR from August 24-25. The MACD line pushes to cross above the signal line, indicating a bullish trend. Also, ANKR’s 14-day RSI is at 61, indicating an imminent move into the overbought region. If the price of the token climbs from the lower left to the upper right of the chart, it has entered territory.

Once ANKR entered the oversold region, it maintained its upward price movement for a long period with minor pullbacks. This could happen if the momentum continues.

Currently, ANKR price is at $0.04211, a gradual rise from $0.0409 earlier today. If it continues to rise as it is now, the coin’s price could rise above $0.050809, its first significant resistance level before August 25.

But if the bullish momentum doesn’t last long, ANKR may not recover its August highs of $0.059 anytime soon.

ANKR price is currently trading around $0.04158. | Source: ANKRUSD price chart from TradingView.com

What pushes the ANKR price

ANKR ranks 92nd on CoinMarketCap and is now outperforming the number one and two cryptocurrencies, BTC and ETH. However, the overall crypto market did not function optimally this week. Trend data shows that the recovery is slower than expected.

For example, Bitcoin is gradually pushing towards the $22,000 price market. BTC price on CoinMarketCap it currently stands at $21,705.68 after gaining just 1.59% from its August 24 price. On the other side, Ethereum gained 3.82% in 24 hours, pushing its price to $1703.33.

Judging by the price movements of the top cryptocurrencies, there is no reason for ANKR to jump at this rate. But a new development took place on the ANKR network, launching its own pawn service August 10th. According to the network’s announcement, the move was to decentralize the node infrastructure.

Related reading: Shiba Inu Burn events have sparked a rally in Altcoins over the past few weeks

The expanded functionalities of the network have attracted the interest of investors and traders in cryptocurrencies. If the ANKR bulls maintain the current trend, the price of the token could rise above the recent highs. Also, the data shows that the total market capitalization of cryptocurrencies increased by 1% in 24 hours. So, if the overall crypto market recovers, the price of ANKR could also gain more.

Featured image from Pixabay and chart from TradingView.com



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