BANCOR (BNTUSD) Price Undergoes Distribution From Bollinger Squeeze
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BNTUSD Analysis: Price Undergoes Distribution From Bollinger Squeeze
BNTUSD Price undergoes distribution from Bollinger squeeze to $0.40200 key zone. The selling forces are aiming down to the $0.40200 key zone as price expansion continues to take place little by little. The sell traders are still causing a strong yield in the market despite previous consolidation arrangements. Following the price-long squeeze formation on the daily chart, the Moving Average signal lines of periods 21 and 9 crossed each other, giving us a confirmation of selling disintegration. With the Bollinger squeeze in the picture, the price action breaks through the trend line with the crypto market displacing downward.
BNTUSD Market Levels
Resistance Levels: $2.5700, $1.5300
Support Levels: $1.19400, $0.40200
The selling force has been strong enough to dominate the BNTUSD price moment for so long. We can visibly see quite some sales distributions that took place a few months back. The Bancor price, trading in late April, came in with a Bollinger squeeze before further distribution in May 2022. With the end of buying reaction at the $2.5700 key zone, BNTUSD price began to drop lower. However, the trade stopped over as a result of reduced pressure and this led to consolidation between the $1.5300 and $1.19400 key zones.
Another look at the $1.19400 market level shows another Bollinger squeeze in this zone. This time, we saw a strong breakdown downward, with the price being pulled down to the 0.40200 support level. With the recent Bollinger squeeze, we should expect more distribution currently as the RSI (Relative Strength Index) is still selling down on the daily chart.
Market Expectation
The sellers are still clinical, dropping the price trend back to the $0.40200 key zone The RSI indicator has indicated selling pressure at hand as sell traders continue to flush down to the $0.40200 support level.
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