ANC Technical Analysis: Bulls Prep Reversal Within Bear Channel

ANC prices show a bullish reversal from the descending trendline within the bearish channel. Should you bet on a prolonged buying spree? Key technical points: ANC market price increased 11.24% in the last 24 hours. The MACD indicator shows a bullish crossover. The 24-hour trading volume of Anchor Protocol is $100 Million, reflecting a rise of 286%. Past Performance of ANC Since March, ANC prices have dramatically fallen, resulting in the falling channel pattern and crackdown of multiple support levels. As a result, the downfall reaches the $1.54 support level in two months from the heights of $6, marking a deflation of 75%. However, the recent bullish recovery from the support trendline decreases the deflation rate from 75% to 67%. Source-Tradingview ANC Technical Analysis ANC prices grow under increasing buying pressure, evident by the intraday trading volume reflecting a rising trend during the bullish reversal. Hence, the buyers gain confidence and project a potential uptrend to the $2.22 level if it surpasses the psychological barrier at $2. The bullish reversal struggles to sustain above the midline of the Bollinger bands but strives to achieve the resistance trendline. Hence, the midline breakout will clear the bullish path to the resistance trendline. The MACD and signal lines regain the bullish alignment with a positive crossover and end the bearish trend in the histograms. Hence, the indicator shows a high possibility...