5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-07 | Selina Mathew
Earlier last week, the total value locked inside the Anchor Protocol's liquidity pools reached an all-time high.
After plummeting by almost 70% in the previous two months, Anchor Protocol (ANC) reverted to its bullish pattern in May.
Pullback poses a risk.
Between May 1 and May 6, the price of ANC rose 42.50 percent, hitting $2.26, its highest level in three weeks. Nonetheless, after crashing into what looks to be a resistance confluence on May 6 and 7, the token witnessed a selloff.
If the retreat continues, ANC's price might fall below its rising trendline support, which coincides with the $1.67 floor that preceded a 175 percent price gain between February 20 and March 5.
Meanwhile, a strong break below the trendline might send ANC down to the 1.00 Fib line at $1.32, about 30% lower than today's price of $1.92.
Anchor Protocol TVL reaches new heights
The Anchor Protocol market's rapid upswing retracement is also accompanied by ongoing capital influx into its liquidity pools.
The total value locked (TVL) inside the Anchor's savings and borrowing pools increased by over 100% to $16.48 billion on May 7 from $8.6 billion at the start of the year.
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