Did you hodl during Anchor’s crypto winter? Since bottoming out near $1.26, ANC rebounded nearly 300% in just over a month.
, the native token of another Terra-based project, Mirror Protocol, was also up 30% on March 3 when measured from its Feb. 24 low of circa $1.The latest period of buying in the Anchor Protocol market has made ANC excessively valued, according to a key momentum indicator.
The readings on the ANC's daily relative strength index came out to be near 80, which makes the token technically"overbought." Traders typically find opening new upside positions extremely risky when the RSI crosses above 70. Conversely, they prefer to sell the asset to secure interim profits.ANC/USD daily price chart featuring RSI. Source: TradingView
If a selloff ensues, the Anchor Protocol's next support level appears near $4, coinciding with the 1.0 Fib line of the Fibonacci retracement graph made from $1-swing high to $1.26-swing low. Meanwhile, an additional decline could bring ANC's 20-day exponential moving average near $3.14 in focus as the next downside target.
More downside could bring ANC's 20-day exponential moving average near $3.14 in focus as the next downside target.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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