August 18, 2022

Anchor Protocol (ANC) broke down from an important assist degree on Might 5 and reached a brand new all-time low value on Might 11.

ANC has been reducing at a really quick tempo since reaching a excessive of $6.20 on March 5. On April 30, it initially bounced above the $1.70 horizontal assist space (inexperienced icon). This is a crucial space because it had been offering assist since Aug 2021. 

Nevertheless, the bounce was short-lived and the worth broke down from the world on Might 9 and has been falling at an accelerated charge since. 

To date, ANC has reached a low of $0.143 on Might 11. Measuring from the March excessive, this can be a lower of 96.66%.

Will ANC bounce?

Cryptocurrency dealer @livercoin tweeted a chart, stating that the worth might quickly drop in the direction of the $1.20 degree.

Source: Twitter

For the reason that tweet, has dropped properly under it and proceeded to succeed in a brand new all-time low value of $0.14.

Within the interval since Might 6, ANC has decreased by a full 94% with out experiencing any vital retracement. 

Whereas the two-hour RSI had been falling for this complete interval, it has now damaged out from its descending resistance line. This can be a signal that the worth might observe its lead quickly. 

Moreover, the RSI has additionally generated bullish divergence (inexperienced strains), one other potential signal of an impending bounce. 

If one happens, the closest resistance space can be at $1.

Short-term ANC
ANC/USDT Chart By TradingView

Wave depend evaluation

The wave depend signifies that ANC is mired in a five-wave downward motion. In it, it has simply accomplished a really prolonged wave three (black). 

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In consequence, a big bounce might happen. 

So, the wave depend is in alignment with the short-term readings and suggests {that a} bounce is probably going.

Wave count
ANC/USDT Chart By TradingView

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