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Ankr’s breakout: targeting 0.03827 resistance in price rally

By: Invezz

February 25, 2024 at 05:59 AM EST

ANKR/USDT trading strategy

Buy/sell asset: Buy ANKR/USDT
Entry price: 0.03107
Stop loss: 0.0286
Leverage: 1x
Take profit 1: 0.03400
Take profit 2: 0.03700
Take profit 3: 0.04016
Timeframe: 1-2 weeks
Maximum profit: 30%
Maximum loss: 8%

ANKR/USDT chart and technical analysis

ANKR/USD is once again in an uptrend after the recent correction to the 0.0124 support level. The price has recovered 57% since then and will likely reach the 0.04016 daily resistance level in the coming days.

Recently, the price broke above the previous high of 0.0320 and made a new high. I am expecting the price will make a correction and will possibly retrace back to the 0.0320 level which now will act as a support and will push the price up.

I recommend the 0.03107 support level for long entries and my recommended target for this trade is the 1.04016 resistance area. The 0.03107 is a key level as it is around the 0.786 Fibonacci level along with a bullish order block around the same level.

ANKR/USDT fundamental analysis

Fundamentally, the price is likely to remain stable and follow the price action as there is no high-impact news that could have a significant impact on the price of ANKR/USDT. However, the investors’ confidence is high and the price is likely to continue the rally in the coming days and will gain another 30%.

Ankr to Tether trade idea takeaways

ANKR/USDT recently broke above the previous high of 0.03107.
The price of Ankr is likely to reach the 0.04016 daily resistance level in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.7.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post Ankr's breakout: targeting 0.03827 resistance in price rally appeared first on Invezz

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