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Anchor Protocol Price Prediction: ANC token defies gravity

 


Anchor Protocol has defied gravity over the past few weeks as interest in its ecosystem has increased. ANC coin is trading at $3.50, its highest level since Jan. 4 this year. It's up more than 173% since its lowest point this year, taking its total market cap to more than $879 million.


Growth of Anchor Protocol

Decentralized finance (DeFi) is one of the fastest growing industries in the world. The industry has a combined value (TVL) of more than $120 billion, which is an excellent amount considering it wasn't non-existent a few years ago.


The industry was made possible by the fast-growing smart contract sector, which is currently dominated by Ethereum. The Anchor Protocol is one of the fastest growing DeFi protocols in the world. It was built using the smart contract platform provided by Terra.


The Anchor Protocol was created in 2020 by Nicholas Platias, Joon Lee, and Marco Di Maggio to give people around the world access to stable yields. Users can access a more stable return than other platforms like Maker and Compound.


Anchor solves the volatility challenge by providing a savings protocol that offers a return driven by block rewards from the major proof-of-stake platforms. It stabilizes the deposit interest rate with buck rewards accruing on assets used to lend out stablecoins.


Anchor Protocol's price is rising as investors cheer the protocol's strong performance even as the cryptocurrency industry faces challenges. For example, the data displayed on its dashboard shows that it has a total locked value of 11.7 billion UST. These funds are formed by a deposit of 7.4 billion UST and a total security of about 4.2 billion UST. Anchor investors make an APR of about 19.45%.


Anchor Protocol Price Prediction



The 4-hour chart shows that the ANC price has been in a strong uptrend for the past few weeks. The coin has moved above the 25-day and 50-day moving averages. It also moved across the top of the ascending channel shown in black.


Therefore, the coin's price is likely to continue higher as the bulls target the next key resistance level at $4, which is around 17% above current levels.


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