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If Ankr Network (ANKR) Surpasses This Resistance Zone, Its Price May Surge by 66%

The price of Ankr Network (ANKR) is currently undergoing a breakout above a long-term resistance zone. A successful breakout could lead to a strong rally in the near future.

Long-Term Resistance Zone

The price of Ankr Network (ANKR) has surged rapidly after establishing a higher low at $0.021 in January 2024 (green arrow). This move has brought the price to the long-term resistance zone at $0.057 in the week from March 4th to 10th.

Although rejected by this zone (red arrow), the bulls have not relinquished much ground and are currently in the process of making another breakout attempt.

Since this zone has provided resistance to the price since May 2022 (approximately 686 days), a breakout above it would be a very positive development.

The weekly RSI (Relative Strength Index) bounced up from level 70 level (yellow arrow) and entered the overbought zone, signaling that the bulls have full control of the market.

If the price successfully breaks out, it could increase by 66.22% to the next significant resistance zone at $0.1.

ANKR/USDT weekly chart. Source: TradingView

Short-Term Outlook

The 4-hour chart shows that the ANKR price has broken out above the horizontal resistance zone at $0.057 and confirmed it as support yesterday (green arrow).

The breakout occurred with large trading volume, indicating that selling pressure at this level has been absorbed.

The 4-hour RSI is above 50 and has a bullish structure, supporting the possibility of further increase.

Therefore, the ANKR price could rise to the nearest horizontal resistance zone at $0.08 in the coming days.

ANKR/USDT 4-hourly chart. Source: TradingView

Conclusion

The most likely prospect indicates that the ANKR price will continue to rise in the near future. The nearest target is found at $0.08 and higher towards $0.1.

The upward momentum will be slowed down if the ANKR price closes the weekly candle below the $0.057 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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