Bancor (BNTUSD) Is Bordering on Its Consolidation Support Level
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BNTUSD Analysis – Price Is Bordering on the Edge of the $3.200 Support Level
BNTUSD is bordering on the edge of its consolidation support level. The price failed to hold above the ascending trend line and finally dropped from it on the 2nd of December. After much agitation, Bancor is now bordering on the $3.200 support level. This remains the last line of strength for the bulls to influence the market before it drops back towards rock bottom at $2.500, where it began on the 20th of July.
BNTUSD Significant Levels
Resistance Levels: $4.800, $4.400
Support Levels: $2.500, $3.900
BNTUSD bulls received strength after the market had been brought down to $2.500 and an upsurge began. It went smoothly till the coin rose to $3.900. However, bullish impetus still drove the market till it reached $4.800. From there, Bancor failed and dropped, finding rest at $3.200. From here, the price rose again under the bullish influence and bulldozed through multiple key levels till it got to $4.800 again, where the coin was rejected again.
Despite the second rejection, the market remained in an uptrend. This remained so until there was a slump below the uptrend line on the 2nd of December. This eventually led to a drop close to the support line, which is the market’s lowest level since the upsurge from $2.500. Bears are bordering on this $3.200 level to plunge the market further. The MACD (Moving Average Convergence Divergence) has dropped below the zero level and all the dots of the Parabolic SAR indicators remain above the daily candlesticks since it broke the uptrend line.
Market Prospects
On the 4-hour chart, the market can be seen repeatedly crashing against the support level at $3.200. The MACD lines can be seen undulating from a bearish position below the zero line. In the past two days, it can be seen bordering closely, even dropping a bit before recovering again at the line. The Bears could be back to sink the market, first to $2.860 and then to $2.500.
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