Ankr (ANKR) Price Prediction For 2021: Strong Long Term Prospects With the Retreat Over
Last Update: January 11th, 2022
Ankr (ANKR) – Forecast Summary
|Forecast: H2 2021|
Price drivers: Market Sentiment, Bitcoin Price, Crypto crackdown
|Forecast: 1 Year|
Price drivers: Market Forces, Project Development, Possible Regulation
|Forecast: 3 Years|
Price drivers: ANKR Adoption, Regulation, global polititcs
ANKR which is a project that appears to have a lot of long-term value, saw a very strong run in Q1 of 2021 sending it from 0.0010 to $0.20. That means a 2,000% appreciation, most of which came in March alone. But, the crash in the crypto market pulled this cryptocurrency down from May until July. Although, that was an opportunity to get into ANKR on the long side. The bullish reversal from the $0.05 lows and the bullish momentum until the beginning of September confirmed that, although now ANKD/USD is facing one last obstacle to the upside, between $0.10 and $0.11. So. let’s see if it will continue higher or retreat lower before making the decisive bullish move. If we see a decent pullback, we will try to get in on the long side in ANKR.
ANKR’s distributed computing network lets users lend their computer’s capacity to secure the platform and power digital projects in exchange for ANKR tokens. The platform supports more than 40 blockchain protocols and uses a “Proof of Useful Work” (PoUW) algorithm.
ANKR was developed in 2017 at Berkeley by investment banker Ryan Fang and Chandler Song – an engineer at AWS, and the network is a blockchain platform powered by its Ethereum token, ANKR.
The goal of the company is to offer the benefits of decentralization to cloud computing, while also addressing common cryptocurrency issues, like capacity in distributed cloud networks and the incentive dilemma with network node usage.
What the ANKR team have done is to create ANKR to utilise Blockchain technology with spare computing power and they do this by deploying nodes. There are more than 40 nodes that you can set up to stake on ANKR. Staking is effectively just securing the network.
You create a node with no technical skills and then if people join those nodes you can earn significant money. Paid in ANKR.
ANKR is a very interesting project and on the surface, it appears what they are doing does have a lot of long term benefits.
The ANKR price has been very bullish over the past 12 months overall, but also very volatile. We saw a 1,000% run-up as the price moved above $0.20, prior to the most recent sell-off which took away around 75% of the value. In the short-term, there is a lot of volatility in this cryptocurrency, but the price direction has been up overall and currently ANKR remains on a bullish run.
As it stands, there is some support above the $0.05 level which was a great opportunity to buy for the long-term; however, there is still a lot of room to the upside and we might even get in on the long side in ANKR, if we see it retreat lower toward $0.60-0.70.
But the attention now is mostly on the broader crypto market. If the overall market and, most importantly, Bitcoin can keep it going, then there is no reason ANKR cannot reclaim its all-time highs.
Recent Changes in the Ankr (ANKR) Price
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Ankr (ANKR) Price Prediction for the Next 5 Years
I think looking at ANKR is best viewed on that long-term, five-year horizon. What we’re seeing with ANKR is a project with a lot of potential, in that it does solve a real-world problem in a creative way.
At the moment, we are seeing market strength everywhere and this seems sustainable, with the sentiment remaining bullish for cryptos. I feel that ANKR could be a project that does outperform to the upside.
A five-year target is clearly going to be that $1.00 level; however, we could see plenty of volatility prior to that price being reached. We’re already in the midst of a bullish reversal after a sharp pullback which is being felt by most of the major coins and tokens currently.
Ankr (ANKR) – Market Headwinds
ANKR has seen a huge run over the past 12 months, with the price running up from under 0.02 to above 0.2 in May, which is a big move by any standards.
Over that same period of time, we’ve also seen Bitcoin perform very strongly which has also contributed to the outsized run in many smaller cryptos as well. Over the past few months, there has been some weakness in Bitcoin and the crypto market as the global crackdown on the crypto market accelerates, which has weighed on the entire sector.
As a result, ANKR fell from those highs to $0.05 before bouncing where it currently sits at around the 0.10 level.
The entire crypto sector is very much at the mercy of Bitcoin overall as it has a large say in the sentiment and also price action.
In terms of a price prediction for ANKR, so much depends on the plight of Bitcoin. We’ve been seeing a number of negative news stories aimed at Bitcoin in the past few months and as a result, the price has fallen by around 75% from the highs. ANKR has doubled in value during this time, but it is now facing the 20 SMA on the weekly chart which might be enough for another pullback down before the larger bullish trend resumes. In that case, we would be happy to buy ANKR lower around $0.06-0.07 which we will explain further on the weekly chart.
Ankr (ANKR) – Looming Regulation
The entire crypto sector is staring down potential regulation that will make it very tough for many smaller crypto projects. There is a great deal of debate currently around whether many cryptos are in fact just securities. On the surface, it would appear that probably 99% are and they have no real utility. Hence the SEC is likely to attempt to impose some form of regulation on them if it is not legislated.
Therefore, it is important to consider that in the event there is widespread regulation, does ANKR fall into the category of being a security?
In the case of ANKR, if you’re providing computer power for nodes which you are then paid in ANKR, then that could be similar to a security in some ways. Not that different to a dividend being paid from a company that provides hosting solutions.
On the surface, this is a tricky argument and one that we will need to carefully consider, should regulation come about.
ANKR clearly has utility and solves a real-world problem, but if it had to pass the test as to whether or not it is a security, that would make for an interesting debate.
ANKR Technical Analysis – Will ANKR Continue the Bounce?
The 20 SMA has turned into the ultimate support on the monthly chart
Looking at the technical levels now and we can see that price is very much at a big inflection point. As you can see on the monthly charts above, the price is hovering around the 0.10 level and this has been a bit of a line in the sand in the past. It is also 50% of the Fibo level, between all-time lows and all-time highs. The price bounced off the 20 SMA (gray) on this time frame from $0.01 in February to more than $0.20 by the end of March. Then we saw a crash in May and June, but the 20 SMA held as support once again and after the hammer candlestick in kjuly which is a bullish reversing signal after the decline, ANKR is turning higher in August.
The 20 SMA has turned into resistance while the 50 SMA into support
On the weekly chart, ANKR/USD found support at the 20 SMA (gray) at the end of May, forming two doji candlesticks which are bullish reversing signals, but the crypto selloff continued and ANKR continued lower. Although, the 50 SMA (yellow) turned into support on this timeframe and after a small pin candlestick in July we saw a big jump in the last week of that month, shown by the big bullish candlestick. But, there has been no follow-through in August, with the 20 SMA acting as resistance now. SO, we might see a pullback from here to the 50 SMA at $0.060, where we are looking at entering on the long side if the price retreats down there.
The 20 SMA was acting as support on the daily chart, but it has been broken now
On the daily chart moving averages were providing support when ANKR was bearish, first the 20 SMA (gray), then the 50 SMA (yellow), and the 100 SMA (green). Eventually these moving averages turned into resistance as the decline continued and even as the price was reversing higher. But, now the 200 SMA (purple) turned into support on the daily chart, although it was eventually broken on the second decline so ANKR/USD is bearish now.