Checking out the Technical analysis of the ANC coin, the price has a clear directional bias. To elaborate on that, let’s have a look at Weekly Time Frame first.
For the past three weeks, the coin has been printing bullish candles and the bullish momentum is very strong. The total gain in these three weeks of the price was around 81% which is huge. It’s been 5 weeks ANC got listed on Binance and has been pushing up since then. This may unfold a parabolic move, but at the moment there are no such confluences to the downside because the momentum is very strong to the upside, and going against it is just not ideal at all.
Nothing more on the Weekly Time Frame, so moving down to the Daily Time Frame. The price on Daily seems much more corrective and is showing a process of mitigations which makes the below price much more efficient which gives no reason for the price to come down and mitigate any of the Order Block as they are already been done. Keeping this in mind, the recent candles showed huge momentum which formed the Higher High, and as in the past price has been mitigating which formed the Higher Low, so it’s quite possible that this time, the price pullbacks a little bit, mitigate the recent Order Block which would unfold the next Lower High.
Moving one step down to the 4 Hour time frame, it can be observed that the price has been clearly breaking structures to the topside, pulling back, mitigating the Order Block, and again pushing up as discussed above. Now it can be seen in here, that the last demand got flipped by a supply and quite a bullish momentum was seen. This makes the supply zone in control. Moreover, the price is consolidating after that momentum, afterwards, a manipulation move can be expected to the downside within the supply, and the last phase of AMD which is distribution likely to occur to the topside.
Talking about the invalidation point, if the price violates the supply zone and specifically the level of $2.349 then this whole scenario will get violated. Talking about the targets, if the price comes in correctively within the zone, then after getting lower time frame confirmations, one can target the level of $3.163 having a partial zone at around $2.714.
