Bancor (BNTUSD) Aims for the $2.880 Resistance Level in Consolidation
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Bancor Analysis – Price Aims to Reach $2.880 as It Continues Ranging
Bancor aims to attain the $2.880 price level as it continues to consolidate. An interruption in structure was assumed to happen at the $2.220 key level as the price was prevented from dipping to the $2.050 weekly support level. However, after two weeks, the market punctured the level and slid down to the support level. In a bid to continue its consolidation activity, the price now aims for the weekly resistance level at $2.880.
Bancor Key Levels
Resistance Levels: $2.500, $2.880
Support Levels: $2.050, $2.220
Bancor eventually succumbed to ranging confinement when its consistent attempt to break the strong resistance level of $2.880 was continually repelled. The two major attempts were on the 7th of February and the 29th of March. Its attempt on the 28th of February was completely cut off at the $2.500 mid-price level. In all these instances, the market was pushed back to the support level at $2.050.
On the last attempt on March 29th, after the price was rejected, the price attempted to claw onto $2.500 but it eventually dropped. However, Bancor held on more tightly to the next level at $2.220, and this lasted for 2 weeks. But the greater bearish pull prevailed and the price dipped, even dropping slightly below $2.050 before recovering. The coin is now set for another attempt at $2.880 as the Stochastic is about to rise from an oversold region.
Market Expectations
On the daily chart, the Parabolic SAR (Stop and Reverse) still depicts the fallen state of the market with all the dots above the candles. However, upward movement is becoming more evident on the 4-hour as the Parabolic SAR has alternated its dots below the 4-hour candles as the market aims to recover its bullishness. The $2.220 and $2.500 price levels will have to be evaded to reach $2.880.
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