Ankr Network (ANKR) Looks Ready To Break Out Of A Flag Pattern Soon
Ankr Network (CRYPTO:ANKR) is a crypto that looks like it could break out soon.
The company states it participates in building on, and using blockchains and protocols easy and accessible for everyone. It plans to do this on its platform by cutting out intermediaries and gatekeepers, builders and users gain back control over their applications and data.
Below is a technical analysis of the crypto’s chart.
Ankr Daily Chart Analysis
- Ankr is nearing a potential resistance in what technical traders may call a bullish flag pattern.
- The crypto is trading above both the 50-day moving average (green) as well as the 200-day moving average (blue). This indicates the crypto has had bullish sentiment throughout the recent months.
- The moving averages are areas on the chart that may hold a support level unless the price makes a sudden strong move downwards through the averages.
Key Levels To Watch:
- The bullish flag pattern happens after a large gain, and then pulls back in a downward sloping channel.
- In this pattern, the crypto typically will trade in a downwards channel following the large gain. The line connecting the highs starts acting as a resistance level while the line connecting the lows will start to act as a support level.
- A break above the resistance may send the crypto on its next leg up, and a break below support may cause the trend to change.
Bullish technical traders would like to see the crypto break above the resistance line and break out of the pattern. If the crypto can break out of the pattern, it may see a strong push upwards.
Bearish technical traders would like to see the crypto fall to the support line and break below it. This could cause the crypto to see a strong push downwards.
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