Bancor (BNTUSD) Breaks and Retests $3.50
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Market Analysis – BNTUSD Continues Bullishness; Breaks and Retests Key Level
BNTUSD breaks and retests the $3.50 resistance level as an indication that price is set to continue its bullish run. The break happened on 30th July 2021 after three days of staying in a ranging market condition. What followed in the following days was a retest of the same level. This solidifies $3.50 as a viable support level for the coin to rise from.
Key Levels
Resistance Levels: $4.50, $5.50
Support Levels: $2.50, $3.50
The strong bullishness of BNTUSD can be seen on the daily chart before it happened, as the RSI (Relative Strength Index) had persistently stayed close to the overbought region, despite the retracement we had before the breakthrough of the $3.50 level. This indicates the bulls were present all through the dip and were actively working underground to get the coin up and running.
Also, the EMAs (Exponential Moving Average) 9 and 20 periods, which help to track the market trend and its imminent directional changes, crossed each other to the upside on 25th July 2021. This tells us that the bulls had come into the scene fully and had a firm grip on the coin.
Market Prospects
Since the break of the $3.50 level, price has retraced to the $3.37 price point, which coincides finely with our Fibonacci 78% optimal entry point. The market then rallied from there to $3.87, thus completing our break and retest market model. The EMAs have also crossed each other at the 4-hour level at this same retracement area. This indicates that the bulls have finely regained control after the dip and are set to push things further up.
Should the bulls sustain this momentum run, then we could see BNTUSD value rise and break through the $4.50 level in the coming days. A minor retracement could follow as weak-handed buyers will be in a hurry to book their profits. This, however, will allow the long-term holders (diamond hands) to book more long positions following the impressive run. The $5.50 level would be another great potential bullish point to expect the coin to break through again.
Adversely, bearish news during the week or an unexpected turn of events could turn the market around and drive price to the $2.50 level.
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