Bancor (BNTUSD) Traders Are Closing up Their Buying Influence Close to the $0.4090 Market Level
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BNTUSD Analysis – Bancor Price Is Plausible to Reverse Strength Close to the $0.4090 Key Zone
BANCOR (BNTUSD) traders are closing up their buying influence close to the $0.4090 market level. Based on recent technical analysis, the buying strength is more likely to be rejected close to the $0.4090 market level as the stochastic oscillator shows a buying peak close by. The cryptocurrency token isn’t fully charged to gain more strength right now because there isn’t a lot of liquidity flow. A selling setup is more likely to be seen as price trades lower back to the $0.3310 key zone. This also implies that the BNTUSD price could still resolve into consolidation before it eventually breaks through.
BNTUSD Key Zones
Resistance Levels: $1.1960, $0.5710
Support Levels: $0.4090, $0.3310
The bear influence throughout this year appears to be more weighty on the BNTUSD price. The price began to swing lower after accumulating strength at the $1.1960 key zone. break away from the $1.1960 pivot level down to the $0.4090 key level as sellers held more influence. At this point, the bears supplied more liquidity volume to the crypto price as more decline was seen. Following the bearish setup to the $0.4090 key zone, the crypto price began to consolidate lower. The buyers and the sellers were therefore held within range as price consolidation continued.
By the middle of June 2022, the BANCOR price will consolidate between the $0.5710 key zone and the $0.4090 key level. Following these lengthy periods, sellers smashed the market price temporarily down to the $0.3310 support level. The buyers are already building strength at the moment. However, buying supply is more likely to come to a halt as the price returns to the key level of $0.4090. There was no major spike on the MACD (moving average convergence and divergence) indicator. This implies that the price may still resolve into a consolidation on the daily chart.
Market Expectation
On the 4-hour chart, buyers are driving the price back to the $0.4090 key zone. As we see this accumulation, traders should expect to sell down to the $0.3310 key level. The selling force is likely to play out as the price is still able to consolidate between $0.4090 and $0.3310, the key zone.
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