ANKR rallies by 41% following Binance Labs’ investment

ANKR rallies by 41% following Binance Labs’ investment
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The cryptocurrency market is trading in the red zone heading into the weekend, with most coins and tokens underperforming at the moment.

It has been a net positive week for the cryptocurrency market, but the bears are in control ahead of the weekend. The market has lost nearly 2% of its value over the past 24 hours, with the total market cap still above $1.1 trillion.

Bitcoin has slipped below the $24k mark after failing to mount a rally past the $25k resistance level on Thursday. Ether is still trading at around $1,900 per coin and is up by less than 1% in the last 24 hours.

However, ANKR, the native coin of the Ankr protocol, is the best performer amongst the top 100 cryptocurrencies by market cap. ANKR is up by 41% in the last 24 hours, outperforming the other major cryptos in the process.

coinbase

The rally comes a few hours after Binance Labs, the venture capital arm of Binance, announced its strategic investment in Ankr. 

Binance Labs said the investment is geared toward ramping up the work on Ankr’s remote procedure call (RPC) service and building out its Web3 developer suite. It is also the first major investment by Yi He since she was appointed as the head of Binance Labs. 

Key levels to watch

The ANKR/USD 4-hour chart is extremely bullish as Ankr has been performing excellently over the last 24 hours.

The MACD line is deep within the positive zone, thanks to ANKR’s ongoing rally. The coin could soar higher with support from the broader crypto market over the coming days. 

The 14-day RSI of 76 shows that ANKR is close to entering the overbought region. At press time, ANKR is trading at $0.04942 per coin. If the rally continues, it could surge past the first major resistance level at $0.05486 before the end of the day.

However, ANKR would need the support of the broader market to move past the $0.06345 resistance level for the first time since May.



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