Technical Analysis: ANC Captures Friday’s Largest Gains, as WAVES up Nearly 100% in the Last Week
Anchor protocol and WAVES were some of Friday’s biggest gainers, as crypto markets mainly traded lower at the end of the week. At the time of writing, the global cryptocurrency market cap has dropped over 4%, with GALA and MKR, the day’s biggest decliners.
WAVES extended its recent streak on Friday, as the world’s 47th largest cryptocurrency rose for a sixth consecutive session.
Today’s rally in WAVES/USD came as prices rose to their highest level since December 17, breaking beyond resistance of $19.72.
The price of WAVES rose to an intraday high of $20.87 on Friday, following a low of $17.95 less than 24-hours ago.
As of writing this, WAVES traded 4.07% higher, as the 14-day RSI rose to its highest level since January 31.
This rise in price strength has also seen the RSI move to its highest point since last August, when it traded above the 80 level.
This may be bad news for bulls, however, as with prices now clearly overbought, whilst trading at resistance, bears are likely to be nearby.
Anchor protocol (ANC)
Friday’s biggest gainer in the crypto top 100 was undoubtedly anchor protocol (ANC), which rose to a new all-time high, following recent gains.
Anchor protocol was up for a fourth successive session, following its breakout from the long-term resistance point of $4.05.
This latest move occurred when the 14-day RSI failed to break its floor of 69, and instead rose to a now record level of 83.
As of writing, ANC/USD is up almost 24%, hitting an intraday high of $5.53 in the process of today’s gains.
Overall, ANC is up over 55% in the last seven days, and should this bullish pressure continue, we could be set for more record highs this weekend.
With prices being overbought, is this the perfect time to sell ANC? Let us know your thoughts in the comments.