Bancor (BNTUSD) Price Smashes Lower as Buyers Seek a Return
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BNTUSD Analysis- BNTUSD Experiences Bearish Flow After a Long Drought
Bancor (BNTUSD) price smashes lower as buyers seek a return to the $0.3850 market level. The cryptocurrency market appears to have experienced a sudden change in price action recently. The bear market this week held more significance as we now get to see a breakthrough momentarily. The sellers decided to pitch their tent after a long drought that came as a result of insufficient buying and selling pressure. The previous state of the market appears to have been consolidating for a long time before sellers eventually challenged the $0.3850 key zone. The Bollinger Band indicator, which has been in compression, has given us an indication that prices are ready to expand more in the future.
BNTUSD Key Zones
Resistance Levels: $1.5340, $1.1420
Support Levels: $0.6230, $0.3850
The sellers didn’t just start amassing bearish strength all of a sudden. Rather, before price consolidation, they were quite dominant in pushing the crypto market lower. BNTUSD sell traders exhibited a strong influence as prices pushed lower shortly after price accumulation between $1.5430 and $1.1420, the key zone. The crypto market had a downpour as bearish liquidity flowed from a significant level of $1.1420 down to a significant level of $0.3850. However, the crypto price drop at that moment marked the end of selling pressure on BNTUSD.
The BNTUSD price had tried every possible attempt to pick up momentum since the middle of June but somehow succeeded. This results in price extension and accumulation. Bearish liquidity flow’s sudden appearance has changed the price focus from consolidating as the price is currently below the $0.3850 market zone. The Chaikin Money Flow indicator shows price direction as more selling liquidity is yet to be seen on the BNTUSD price.
Market Expectation
Buyers are causing the price to retrace after it broke through the $0.3850 significant level on the 4-hour chart time frame. Traders should anticipate more avenues for a selling tendency to occur following the breakout from the Bollinger Band indicator.
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