Bancor (BNTUSD) Continues Its Bullish Run
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Market Analysis – BNTUSD Presses Higher As It Continues Its Bullish Run
BNTUSD continues the bullish run that started on 21st July, as the bulls proved their strength and optimism in the coin by successfully breaking through the $3.70 resistance zone. The price gathered momentum at $3.20 before rallying off to break through the resistance zone on the last day of July and welcomed the new month with bullishness.
Key Levels
Resistance Levels: $5.50, $4.50, $4.20
Support Levels: $2.50, $3.20, $3.70
After breaking the resistance zone of $3.70, the price found support at the same level to continue its bullish run, forming the most recent high of $4.20. The coin gained 12% during this run. Since making the new high, the market has entered a retracement phase, giving back some of its recent gains during the rollback.
Observing the Envelope indicator on the chart, we see the price is retracing to touch the EMA (Exponential Moving Average) in the middle of the channel, thus confirming the retracement phase of the market. The RSI (Relative Strength Index) indicator has also left the overbought zone, pointing down towards the middle point of the indicator.
It remains to be seen if price will bounce off the support level it is approaching and continue its bullish run or if the bears will come in at this stage to create an upset and drive price down.
Market Prospects
The 4-hour chart offers us a better view of the market information. The price has traded below the EMAs and this indicates that the bulls should start to come into the market at this point. Also, with the Fibonacci, we see price has traded into the discount zone below the 50% mark and price is now in a zone where institutional buyers would be interested in adding their huge positions and moving the price up. Our RSI has traded deeply into the oversold region and is starting to reverse, pointing up and indicating the retracement phase might just be over and buyers might be coming in at this stage. Our observation of the market shows that BNTUSD looks likely to continue its bullish run.
Should the buyers come in at this level to drive the price up, then the resistance points of $4.20, $4.50, and $5.50 will be the targets for the price to reach in the coming days. Alternatively, if the bears successfully break this support level to the downside, this might be the end of the road for the bullish run.
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