Bancor (BNTUSD) Avoids a Further Drop Below a Critical Demand Level
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Bancor Analysis – The Price Avoids a Drop Below the $2.00 Demand Level
Bancor avoids a further drop below the critical demand level of $2.00. Bulls have battled to keep the market from sinking further, and they are reaping the rewards as the coin bounces off the $2.00 demand level. The next challenge for buyers will be to ensure the price avoids a reverse from below the $2.50 resistance level. Bancor is currently struggling to rise above this level. Success here would give the buyer momentum.
Bancor Key Zones
Supply Zones: $2.50, $3.20
Demand Zones: $2.00, $1.50
Buyers are on course to reverse a market that has been predominantly bearish since the last months of 2021. Bancor attained a high of $4.90, where it was rejected and began a drop. It completed a double top formation by breaking through the neckline at $3.20. Since then, it has been all downhill for BNTUSD. The market, therefore, violated many key levels till it found a landing spot at $2.00.
Bulls have reared their heads to end the bearish regime in the market from the $2.00 demand line. As soon as the price landed on the level, they repelled it. An inability to hold above $2.500 plunged the coin again. However, bulls have pushed the coin higher once more. They are working to stabilize the price above $2.50. The MA period 10 (Moving Average) has assumed support below the candles.
Market Anticipation
On the 4-hour chart, the price is bouncing upward on a trendline but has found solid resistance at $2.50. A thrust of a candle wick above the level is a sign that bulls are pushing hard to violate the level. Market forces are in support of the upward push. The MA period 10, like on that daily chart, is also beneath the candles to act as support. Meanwhile, the RSI (Relative Strength Index) indicator keeps making higher highs and lows as it climbs toward the overbought region. Hence, Bancor avoids a drop and looks to break $2.50.
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