Ankr (ANKR/USD) price outlook after a key development

Ankr (ANKR/USD) surged by 15% on Tuesday, making it one of the top intraday gainers on the day. The gains came on the back of positive cryptocurrency news.

Into the briefs – ANKR is an Ethereum-based token for the Ankr network. The protocol supports Web3 infrastructure and acts as a cross-chain DeFi staking platform. The network aims to make it easy and less expensive for everyone to participate in blockchain through staking, building dapps, and hosting nodes. The ANKR token is used for payments, governance, and insurance for network users.

Tuesday’s gains came after Ankr became one of the first Remote Procedure Call providers for Layer-1 blockchain Aptos. The partnership allows developers to build scalable and safe dApps on top of Aptos. The Monday announcement follows other developments. 

Last month, Ankr partnered with Polygon to expand Web3 building for supernet developers. Earlier on, Ankr joined with ssv.network to create a trusted and secure form of ETH Liquid Staking.

ANKR overcomes oversold bottom after the latest gains

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Source – TradingView

The technical outlook shows ANKR has overcome an oversold bottom of $0.026. The cryptocurrency met resistance at the descending trendline and is facing some correction. 

Based on the descending trendline, ANKR’s recovery could be followed by a sharp correction. However, $0.026 is the base level for the token, as it is yet to break below it since May. If we are to see further gains, bulls must overcome the descending trendline. 

ANKR concluding thoughts

The latest developments give a bullish boost to ANKR. However, as long as the price remains below the descending trendline, we would be hesitant to issue a bull call. Nevertheless, ANKR is signalling a price bottom at $0.026. Thus, it could be a matter of time before we experience a bullish reversal of the cryptocurrency.