Bancor (BNTUSD) Buy Traders Are Waiting for a Price Breakthrough
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BNTUSD Analysis: The Buy Traders Are Clinging to a Price Breakthrough Momentarily
BNTUSD buy traders are clinging to a breakthrough in price across the market. Over the past few months, the BANCOR price has been quite relaxed. There has been no sign of a solid breakout in the market. No selling or buying strength has been observed across the board lately since sellers sold their shares in June 2022. The BNTUSD has therefore consistently maintained the same order levels of $0.63900 and $0.4210 .
BNTUSD Significant Levels
Resistance Levels: $1.5310, $1.1890
Support Levels: $0.6930, $0.4210
Recently, the buyers have been doing a serious makeover to buy up the spaces sold out by the sellers. Their actions led to a spike last week, despite the Bollinger Band indicator showing us that a potential squeeze is about to be displayed. With this development, the buyers could not retain their buying tendency across the market. This came as a result of the key level at $0.6390 rejecting buying moments around it. The buying threshold, however, remains captive within the consolidation phase of the BNTUSD price. By default, the sellers moved in since the buyers of the BNTUSD were rejected to push further above this key zone.
Their second bullish liquidity run to break out of the consolidation phase proved to be ineffective as well. However, the Bollinger Band squeeze is still in progress despite the buying rejection currently playing around. The Stochastic Oscillator still gives a clear indication of sellers’ losing steam as the price is trading close to the oversold region. With the squeeze from the Bollinger Band, we should anticipate a positive breakout any moment now on the daily chart.
Market Expectations
On the 4-hour chart, we have seen a progressive attempt by the buyers to break out of the consolidation phase. The Stochastic Oscillator is also positioned in the oversold section as we expect buyers to flock into the market. The momentum indicator is also showing signs of progress as we anticipate a bullish run above the $0.6390 key zone.
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