Bancor (BNTUSD) Dips by 33% To Return to a Low of $3.200
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Bancor Analysis — Price Dips to a Two-Month Low at $3.200
Bancor dips to the $3.200 support level as it continues falling under the weight of bearish pressure. All efforts by the buyers to revive the bullishness of the market have proved abortive. Bancor moves in a pattern whereby after accumulating at a price level, the market then dips with intensity, breaking past several support levels. The coin has now dropped to the $3.200 level where the bullish movement was facilitated earlier two months ago.
Bancor Major Levels
Resistance Levels: $3.700, $3.850, $4.100
Support Levels: $3.380, $3.200, $2.500
The dollar started strengthening itself against Bancor precisely when the coin got to the $4.800 resistance level on the 6th of September 2021. This led to consecutive dips which were intercepted by a brief period of consolidation. Another consolidation is taking place after the price dips to the $3.200 support level. So far, the price has failed to get above the $3.700 resistance and keeps ranging between the two levels.
Earlier indications are that the price will dip again to continue its bearishness. If price drops below the $3.200 support, it is very likely to fall to rock bottom at $2.500. There is, however, a sense that the bulls could bounce off the lower border of the Envelope indicator. This could push the market to break its pattern to create a higher high. The Stochastic Oscillator supports this bullish sentiment. Its lines have crossed each other upwards from the oversold region.
Market Predictions
After price dips, the market can be observed to be tapering downward at the $3.200 support level. The Stochastic Oscillator suggests the market is set for a fall after ascending to the overbought region. It remains to be seen if the price drop will fall to the $2.500 support level. On the other hand, if the market breaks upward from this formation, it will have to also subdue the $3.8500 resistance level before it can be said to have had a true reversal.
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