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Anchor protocol prices took a parabola on Thursday as investors welcomed the strong performance of the Terra-related cryptocurrency. The ANC token jumped to a high of $0.12, its highest level since August 9th. This year he jumped more than 65% from his August low.
The anchor protocol was the largest part of Terra’s ecosystem. It was a platform where people could deposit Terra USD stablecoins and get extraordinary returns. For most of the time, his APY on the platform was above 20%. ANC was the native token of the Anchor Protocol ecosystem.
At its peak, the Anchor Protocol was one of the largest decentralized finance (DeFi) platforms in the world with over $17 billion in total value locked (TVL). All of this came crashing down in May when Terra USD lost its peg and the Terra ecosystem collapsed.
Since then, there has been no activity on the anchor protocol. By design, it only worked for Terra USD, where the price dropped from $1 to $0.0001. At the same time, several cryptocurrency exchanges such as FTX have decided to delist ANC.
Anchor protocol prices have seen a strong recovery over the past few days due to strong price action in Terra’s ecosystem. Over the past few weeks, Terra Classic USD (USTC) has surged to a high of $0.08. It also has a total market capitalization of over $458 million, according to CoinMarketCap.
Similarly, Terra Classic is up over 100% in the last 7 days, with a market cap of over $3 billion. A new version of the coin known as LUNA also rebounded. Other coins in Terra’s ecosystem mirror protocol and Astroport are also rising.
Some analysts believe this anchor protocol price rebound is part of a pump-and-dump scheme as the coin trades thinly.
The 4-hour chart shows that the ANC price has been in a strong bullish trend for the past few days. In the process, the coin managed to break above the critical resistance level of $0.1026, the July 21st low. As it moved up, the anchor protocol broke above the major resistances at $0.1120 and $0.1187.
It is also above the 25- and 50-day moving averages while the Awesome Oscillator is above the neutral point. So once FOMO kicks in, the coin may continue to rise. This could lead to a rally to $0.15 highs.
