Bancor (BNT) Bull Market Hits a Major Brick Wall
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On the 7th of February, the Bancor market experienced a completely bullish daily session that took the price to around the $0.5 price level. But this very significant bullish move may be a contributing factor to the reversal of the trend, which was also characterized by a significant bearish move. The Bancor market may still resume the bullish trend as buyers are currently securing a strong support level at $0.426.
BNT/USD Price Statistic
- BNT/USD price now: $0.43
- BNT/USD market cap:$66,707,688
- BNT/USD circulating supply:156,073,495 BNT
- BNT/USD total supply:156,073,495
- BNT/USD coin market cap rank: #331
Key Levels
- Resistance: $0.5, $0.55, $0.6
- Support: $0.4, $0.35, $0.3
Price Prediction for Bancor: The Indicators’ Point of View
According to the Relative Strength Index (RSI), after the bullish price was rejected, the Bancor bulls were able to salvage the price at the threshold of the sell zone. And from the edge of the 50-level, the bull market bounces back for more action. According to the Bollinger Bands Indicator, the market was shown to have changed direction through a strong bearish move, and through the timely response of the bulls, the market is illustrated to be settling for a horizontal level movement.
BNT/USD 4-Hour Chart Outlook: The Bears are unwilling to yield ground
From this 4-hour point of view, we see the bull market gaining momentum after the market turns around at the $0.42 support level. According to the Bollinger Bands indicator for this timeframe, the bull market is catching up with the bear market. This means the bearish trend is coming to an end because the bulls are already taking over. The target of the buyers is still fixed at the $0.5 price level.
