Bancor (BNTUSD) Bears Are Aiming for the $0.150 Support Level
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Bancor Analysis – BNTUSD Bears Are Gunning for the $0.150 Support Level
Bancor bears are gunning for the $0.150 support level. The market remains in a general downtrend due to the dominance of the bears. The most recent activity of the bears is that they drilled hard against the $1.180 support level via a descending triangle. This leads to a substantial dip in the market which breaks through the $0.950 price level on its way to reaching $0.150.
Bancor Critical Levels
Resistance Levels: $0.950, 1.500, $2.880
Support Levels: $0.150, $0.500, $1.180
The dominant activity of the bears sees the price continuously plunge lower after accumulating between key levels. This happened between $0.490 and $3.200. After that, the coin plummeted to below $2.880 and could not rise above it for a while, the $2.050 level acting as support for the ranging market. Next, on the 7th of May, Bancor plummeted and tapered in a triangle between $1.500 and $1.180.
There is presently vigorous bearish activity, which sees the market pushing harder downward. The coin is gunning directly towards the $0.150 key support without accumulation. However, there is some friction in the market around $0.500. The MA period 50 (Moving Average) remains hanging above the market, and the MACD (Moving Average Convergence Divergence) remains predominantly below the zero level. This highlights the bearish strength in the market.
Market Expectations
The 4-hour chart shows the downward movement of the market being tempered at $0.500, and the price has begun to move sideways. Today into the weekend is crucial for Bancor as the MA period 50 touches down to put pressure on the 4-hour candles. The ability of the market to resist an immediate drop will give buyers some respite in the market. The price is set to drop to $0.150 after the sideways movement at $0.500.
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