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Ankr Price Has Had a Spectacular Recovery. Still a Good Buy?

The Ankr price has rebounded in the past few days as investors react to the latest batch of rewards by the network. ANKR price is trading at $0.070, which is about 20% above the lowest level this month. The network has a total market capitalization of $565 million, making it the 117th biggest cryptocurrency in the world.

What is ANKR?

Ankr is a blockchain project in the Web 3 infrastructure industry. It is a platform that combines node infrastructure, staking, and decentralized finance (DeFi) to make developing easy. It is at the convergence of the web3 and DeFi industries. 

Today, the network processes more than 1 billion transactions per month. It handles about 500 million calls to the blockchain network every day. Most importantly, it supports more than 45 chains like Ethereum, Avalanche, Polygon, and Binance Smart Chain.

The Ankr price is rising as the developers started to distribute its first batch of rewards for liquid crowdloans. Therefore, Ankr’s users will start collecting their first rewards for the winning parachains. The developers wrote;

“Through the brand new Ankr Earn dashboard, you can claim the liquid crowd loan tokens that represent your bonded DOT. This will start with the Moonbeam project that will reward aDOTp-GLMR tokens to those who contributed.”

Ankr price prediction

The four-hour chart shows that the Ankr price has been in a strong bullish trend in the past few days. The coin has risen by above 20% from its lowest level this year. Along the way, the coin remains between the 25-day and 50-day exponential moving averages (EMA). The Relative Strength Index (RSI) has moved above the oversold level. 

Therefore, there is a likelihood that the ANKR price will keep rising as bulls target the 50% retracement level at $0.08, which is about 27% above the current level.