Anchor Protocol Yield Reserve will be topped up by Terra with $450 million UST.
This guarantees that all UST depositors on Anchor will continue to get their 20% interest for at least another year.
For this reason, there is a strong fundamental reason for ANC, the native token of Anchor Protocol, to PUMP. And pump it did, already up over 60% from the most recent low.
As you can see on the chart, this news was the fuel it needed to rally.
From a strictly technical point of view, ANC can easily rally back to $3 before any significant resistance.
What does worry me a bit is the fact that the macro structure is a descending trend with lower highs and lower lows. This means once ANC hits $3, if it doesn't break the key resistance, it will most likely fall back down...
Not cool bro, not cool. But it is too early to tell and for now, the bias remains bullish. Indicators and volume also support this case.
We can revisit this in March when we will know if ANC can break above $3 and perhaps even leave the downtrend. That may be too bullish if BTC and the overall market remain bearish.
We shall find out.
Like and follow if you liked my idea!
This guarantees that all UST depositors on Anchor will continue to get their 20% interest for at least another year.
For this reason, there is a strong fundamental reason for ANC, the native token of Anchor Protocol, to PUMP. And pump it did, already up over 60% from the most recent low.
As you can see on the chart, this news was the fuel it needed to rally.
From a strictly technical point of view, ANC can easily rally back to $3 before any significant resistance.
What does worry me a bit is the fact that the macro structure is a descending trend with lower highs and lower lows. This means once ANC hits $3, if it doesn't break the key resistance, it will most likely fall back down...
Not cool bro, not cool. But it is too early to tell and for now, the bias remains bullish. Indicators and volume also support this case.
We can revisit this in March when we will know if ANC can break above $3 and perhaps even leave the downtrend. That may be too bullish if BTC and the overall market remain bearish.
We shall find out.
Like and follow if you liked my idea!
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