Key Takeaways:
- ANKR rallied 90% since Binance investment announcement.
- Ankr Network eyed a 140% upside move based on bullish technicals.
- Binance's strategic investment will boost Ankr, and subsequently feed the BNB ecosystem.
YEREVAN (CoinChapter.com) – Ankr Network (ANKR) jumps nearly 90% on Aug 10-11. However, the rally cooled off, as the digital asset lost momentum and 15% of the recently-gained value. As a result, ANKR/USD stood at $0.048 on Aug. 12. But the charts hinted at triple-digit gains after the Binance investment, despite the bias reversal.
ANKR chart prints bullish cues
In detail, ANKR traded within a formation dubbed the ‘falling wedge’ since Nov. 2021. The reversal setup features two converging trendlines with a negative slope and a significant mid-range. They temporarily take the asset price lower before a strong upside boost.
Ankr Network’s daily chart shows that the token broke the wedge’s resistance on July 29, confirming the setup. As the falling wedge forecasts a move equal to the maximal distance between the trendlines, the target price for ANKR would stand at $0.11, or 140% higher than the current price.
Moreover, the asset saw a powerful boost in trading volumes on Aug. 11, which came in the wake of a Binance announcement.
Binance makes a “strategic investment” in Ankr Network.
On Aug. 11, Binance Labs, the company behind the largest crypto exchange Binance, announced an unspecified “strategic investment” to enhance the Web3 infrastructure provider.
Binance asserted that the partnership works both ways, as Ankr Network has contributed to the Binance Smart Chain development. The Protocol also implemented the latest BNB application, the Sidechain (BAS) scalability solution.
Ankr has previously made open-source contributions to the BNB Chain and BNB Liquid Staking. It helped build out BNB Chain’s core infrastructure. Additionally, Ankr further improved the BNB ecosystem by implementing the Erigon and Archive Node upgrades.
added Binance.
Ryan Fang, the co-founder of Ankr Network, noted that Ankr aims to support “innovative use cases requiring scalable infrastructure” and continue building “permissioned sidechains.”
We are very excited to have Binance Labs as a strategic investor. BNB Chain is the chain with the highest amount of daily transactions and active users by far. We are committed to helping BNB Chain further scale, enhancing the BNB token utility, and expanding the BAS.
asserted the executive.
Also read: Bitcoin (BTC) Hesitates But Further Gains Seem Likely: Here’s Why.
While technicals and fundamentals point to a bullish development for ANKR, it seems unlikely that a single altcoin can pull off a lasting three-digit solo rally while leading cryptocurrencies struggle. The Network depends on Bitcoin, the crypto market as a whole, and broader market conditions.
