Bancor (BNTUSD) Has Experienced No Significant Market Movement
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Bancor Analysis – The Price Has Experienced No Significant Movement
Bancor has experienced significant movement as it remains in a ranging market. After failing again to breach the $2.880 resistance level, the price plummeted, briefly stopping above the $2.500 price level before plunging further. The price attempted to rally again at $2.200, which is a strong level. After a week of sideways movement at this level, the coin has dropped to its consolidation support level at $2.050.
Bancor Key Levels
Resistance Levels: $2.500, $2.880
Support Levels: $2.050, $2.200
Bancor was confined to a ranging movement from the moment it broke below the $2.880 price level at the beginning of the year. The price dropped directly to $2.050, which was a solid support level. An attempt to reach immediately for $2.880 was initially tempered at $2.500 before the price bypassed the level. On reaching $2.500, the coin was knocked down again, taking a temporary stop at $2.500 before dropping back to $2.050.
The second time the price rose, it was rejected at $2.500, which forged the market to a double bottom price formation. This helped the coin drive past the $2.500 middle line to reach $2.880. However, the price dropped yet again as it continued consolidation. There was less resistance at $2.500 this time, but bulls attempted to create a rallying point at $2.220, but it failed after a while and the price dropped to $2.050.
Market Expectations
On the 4-hour chart, Bancor has dropped back to $2.050 from where it started. The price is now trying to rise as in previous times. The Stochastic Oscillator lines are upward abounding in agreement with that. The RSI (Relative Strength Index) line is also transitioning from a bearish outlook to a bullish one. The coin is aiming for $2.500, but it has to first overcome the $2.200 price level.
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