Bancor (BNTUSD) Bulls Are Currently Gaining Ground
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BNTUSD Analysis – Buying Upsurge Has Been Experienced From the $0.3300 Market Level
Bancor (BNTUSD) bulls are currently gaining ground against a selling tendency at the moment. As a result of the selling outpouring that was experienced in the Bancor market, the bulls are currently making a wave against the initial price trend. A rupture below the $0.4060 key zone took place in mid-November, which occurred as a result of the response from selling sentiment. As the price rallied down to the $0.3300 key zone, sell traders were quick to react downward, as the cryptocurrency market is currently bouncing back up from the $0.3300 key zone to the $0.4060 key zone.
BNTUSD Key Levels
Resistance Levels: $1.1980, $0.5520
Support Levels: $0.4060, $0.3300
The Bancor price had a long tenure of price accumulation. Price exchange was visible all the time as both traders continued to manipulate price events on the cryptocurrency market. Between the $0.5520 and $0.4060 market levels, the traders were observed to have operated within range after the bearish flush down. The sell-side strength dropped significantly from the key zone of $1.1980. Price declines indicate bearish dominance, which eventually faded as prices entered consolidation.
The buyers are now trading upward on the daily chart. The Bollinger Band indicator had previously opened a gap for expansion. This implies that the buyers are just holding up against the selling force. The parabolic SAR (stop and reverse) indicator is on a negative gradient as price activity depicts selling strength on the daily chart. The RSI (relative strength index) is still ignited to push lower on the daily chart.
Market Expectation
The buyers are still rooting for a price setup as the crypto market keeps aiming forward. The bulls are still posing for more in the market despite selling pressure still dominating the Bancor price. Following the buying rally, we should watch out for a price display down to the $0.3300 key zone.
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