Why is Anchor Protocol up by 14% today?
Anchor Protocol is the best-performing cryptocurrency in the top 100 by market cap.
The cryptocurrency market has been in a bearish trend since the start of the week. The crypto market lost over $200 billion over the past few days, with the total market cap now below $2 trillion again.
Bitcoin, the world’s leading cryptocurrency by market cap, is now trading above $43k. Ether remains the second-largest cryptocurrency by market cap. Over the past 24 hours, ETH has lost more than 4.5% of its value.
ANC, the native token of the Anchor Protocol ecosystem, is, however, defying the market movement.
ANC is up by more than 14% over the past 24 hours, outperforming the broader market, which has lost 4.5% of its value during that period.
At press time, ANC is trading at $3.430 per coin. The ongoing rally can be attributed to Proposal 24 put forward by the Anchor Protocol development team. Proposal 24 proposes that all remaining ANC airdrops be redirected to the community pool.
The community is now voting on this proposal, and the result could be out soon.
Key levels to watch
The ANC/USDT 4-hour chart is the most bullish amongst the top 100 cryptocurrencies by market cap at the moment. The technical indicators show that ANC is performing excellently.
The 14-day relative strength index of 73 shows that ANC is close to entering the overbought region. This indicates a strong bullish momentum for Anchor Protocol.
The MACD line is above the neutral zone, thanks to the ongoing rally. If the bulls remain in charge, ANC could rally past the first major resistance level at $3.926 before the end of the day.
However, it would need the support of the broader cryptocurrency market to reach the second major resistance level at $4.7.
