ANKR climbs 37% post new announcement, details inside

• Ankr Protocol has announced a partnership with Microsoft.
• ANKR’s price rallies significantly off the back of this announcement. 

In the wake of its latest partnership announcement, Ankr Protocol [ANKR] has experienced a significant boost in the value of its native token. Data from CoinMarketCap revealed that at press time, ANKR’s price had surged by double digits, climbing by 37% in the last 24 hours. 

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The surge in trading activity during that period pushed ANKR’s trading volume to reach its highest level in 2022. According to on-chain data provider Santiment, ANKR’s trading volume grew by over 1000% in the last 24 hours. At press time, trading volume stood at $1.16 billion.

Source: Santiment

Get ready, set, go!

An assessment of ANKR’s price movements on a daily chart revealed that the protocol’s partnership with the tech giant Microsoft has significantly impacted the token’s value, triggering a fresh wave of investor optimism.

A new bull run was underway as the MACD line intersected the trend line in an uptrend on 20 February, pushing the token’s price to trade at price levels last seen in August 2022. At press time, ANKR exchanged hands at $0.04549. 

Moreover, the last 24 hours have seen remarkable accumulation by investors. This has caused key momentum indicators to be positioned at overbought highs at press time. For example, the altcoin’s Relative Strength Index (RSI) was 77.41 at the time of writing. Likewise, its Money Flow Index (MFI) rested at 81.52. 

Confirming the strength of the uptrend in the current ANKR market, the Aroon Up Line was 92.86% at press time. When the Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently. 

How did ANKR respond?

Similarly, as of this writing, ANKR’s price rested above the upper band of the token’s Bollinger Bands. While this also lent credence to the strength of the buying pressure in the market, it is noteworthy to point out that when an asset’s price moves towards and above the upper band of this metric, it can indicate that the asset is overbought, and the price may soon reverse downward.

Read Ankr Network’s [ANKR] Price Prediction 2023-2024

Not ruling out the possibility of a price drawback, a look at the alt’s Directional Movement Index (DMI) revealed that buyers had control of the market. The positive directional index (green) rested at 45.57, while the negative directional index (red) was 4.50 at press time.

With the Average Directional Index (yellow) at 53.78, the buyers’ strength was a rock-hard one that sellers might find impossible to revoke in the short term.

Source: ANKR/USDT on TradingView