Ankr Network token surged after becoming an RPC for Sui blockchain
ANKR remains subdued by a resistance
The token could correct despite the intraday gains
Ankr Network (ANKR/USD) witnessed increased investor interest on Thursday, driving the token up 6%. Earnings reflected positively cryptocurrency news. The focus will not shift to whether the token will make a profit if it hits a major resistance level.
Ankr is a platform that provides access to the decentralized internet. The network aims to remove barriers to accessing the blockchain by decentralizing control to users and developers. To achieve this goal, Ankr provides simple tools and interfaces for Web3 development. ANKR is the native token that powers the ecosystem and helps with on-chain governance.
Thursday’s gains from the ANKR token came after it became the first Remote Procedure Call provider for the Sui blockchain. The announcement on November 22 indicated that Ankr would allow developers to create and upgrade dApps on top of Sui. Ankr will also support the Sui mainnet after it goes live. There is additional expected support for documents, tools, and features for the Web3 developers. The partnership also opens geo-distributed and decentralized RPC capabilities for Sui.
The latest announcement also coincides with the increasing growth of Ankr staking. According to the network’s Nov. 23 Twitter post, more than 56,000 ETH has been staked with Ankr staking. The developments have since led to more speculation about the network’s native token.
ANKR is facing a correction of $0.026 despite the intraday gain
ANKR/USD chart by TradingView
Despite the intra-day gains, ANKR met resistance at $0.026. The cryptocurrency is correcting, resulting in a potential bearish pin bar below the key level. Moreover, the long-term trend for the token is bearish.
When to buy ANKR?
ANKR should not be on your list of cryptocurrencies buying despite a positive price action. A bearish market recovery will be confirmed if the cryptocurrency breaks above the $0.026 support. Buyers should still be wary of a retracement on the falling trendline.
On the other hand, the formation of a bearish signal below the key support would leave ANKR vulnerable. A price back to the $0.019 or lower support would be in sight.
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