Bancor (Bntusd) Remains Stuck Following Bearish Downfall
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BNTUSD Analysis – Price Remains Stuck Following a Bearish Fall From Height
Bancor (BNTUSD) remains stuck following a bearish decline. Since the middle of July, the crypto market has been in decline, causing the Bancor price to be stuck in consolidation and unable to regain strength. The market has been unable to either push lower since then or even try to shift price focus to a bullish phase. Instead, there has been a price series of accumulation and denial of price activity beyond the key levels of $0.62500 and $0.39700.
Bancor Key Levels
Resistance Levels: $1.54000, $1.14100
Support Levels: $0.62500, $0.39700
The buyers have been finding it very hard to recover from the bearish threat they faced in the previous market display. However, it’s unlikely that the sellers are not in control as well. The selling motion began from price short compression above the $1.4100 key zone and came after sellers expanded lower as bearish order activity increased greatly down to the $0.39700 key zone. The market tendency has adapted to the range as the price began to consolidate since the fall in June 2022.
The BNTUSD price is, however, still stuck in the price range due to the bearish impact on the market. The buyers need more than just a willingness to change the price direction in the market. Sellers are still not clear on whether to continue lower in the market. The MACD (Moving Average Convergence & Divergence) indicator hasn’t changed a bit following the massive fall from the $1.4100 key zone. The Bollinger Band indicator is still in the compression stage on the daily chart. Price expansion is still close by in the market.
Market Expectation
The accumulation phase is still active on the 4-hour chart. Since buyers and sellers are still not charged with value at the moment, there is no clear indication of where the price trend will head. Traders should keep an eye on the Bollinger band as the price continues to compress above the key level of $0.39700.
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