- Ankr price jumped sharply on Wednesday after hitting a key support.
- The recent rally is mostly because of the recent staking features.
The Ankr price jumped sharply on Wednesday as demand for the coin continued rising. The token jumped to a high of $0.042, which was higher than this week’s low of $0.035. While the price is lower than this month’s high of $0.057, it is about 85% above the lowest point this year. It has a market cap of over $340 million.
Ankr staking driving prices
Ankr Protocol is a leading blockchain project built on the Cosmos ecosystem. It is an infrastructure network where independent node operators work alongside Ankr nodes to power the Web3 industry.
Ankr is widely used by developers building on leading smart contract platforms like Avalanche, Ethereum, and Solana. Its primary product is one that handles Remote Procedure Calls (RPCs). According to its website, it handles over 7.2 billion RPC calls to blockchains on a daily basis.
As a proof-of-stake platform, Ankr uses node providers who share their own infrastructure to receive requests from the network. It has thousands of these node providers and over 39,000 developers using it to build scalable applications.
Ankr has other products in its ecosystem. They include advanced APIs, staking SDKs, and a multi-chain block explorer.
Learn more about how to buy Ankr.
Ankr price has done well in the past few weeks after the developers introduced a staking feature that allows token holders to generate a return.
Its version of staking is different from that of other proof-of-stake networks. Instead of delegating the ANKR token to validator nodes, it introduces the ability of anyone to stake to full nodes. The goal of this staking is to boost Web3 integration and enable people to earn ANKR for enabling this development.
Ankr price has done well after Binance Labs, the biggest company in the cryptocurrency industry, invested in the company.
Ankr price prediction
The four-hour chart shows that the ANKR price rose to a high of $0.058 on August 11. It then pulled back as investors took profits and settled at the important support at $0.03. This was a notable level since it was the highest point on July 20th.
Ankr has now bounced back and moved slightly above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) has moved above the neutral point at 50.
Therefore, there is a likelihood that the price will continue rising as bulls target the important resistance at $0.05.
