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Bancor (BNTUSD) Is Likely to Expand if Price Momentum Increases

August 4, 2022

#Bancor#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#Market Expectation#Price Action#Technical Analysis

BNTUSD Analysis – The Price Is Likely to Expand if the Price Momentum Increases

BNTUSD is likely to expand if the price momentum increases. There appears to be a setup by the buy traders above the supply zone of $0.55400. We are yet to experience a buying moment above this buying moment. There have been many indications confirming the presence of a buying tendency on the daily chart of BNTUSD. With buyers preparing to replenish the liquidity pool created by sellers, we should expect a buy-up range to the $1.17000 key zone.

BNTUSD Market Levels

Resistance Levels: $1.9200, $1.1700
Support Levels: $0.55400, $0.54100
Bancor (BNTUSD) Is Likely to Expand if Price Momentum Increases
The sellers of the BNTUSD crypto market liquified selling moments from $1.1700 in the middle of June 2022 after a long draught of price accumulation. Because of this accumulation, the price expanded down to the low of the $0.45100 key zone. Another seasonal tendency of price accumulation is that it is experienced after a price fall.

When the market is in the accumulation stage, both buyers and sellers consistently exhibit signs of reluctance to trade in areas outside of the stop zone. Consolidation is inevitable, however, until there is an infusion of potentially promising prospects. The purchasers have recently broken over 0.55400, and there has been a retracement of selling back to this level. The stochastic oscillator indicates that sellers are active in the market, and a cross is shown at the intermediate level. This suggests that there is demand from purchasers, who are now in a position to seize control of the daily chart.

Bancor (BNTUSD) Is Likely to Expand if Price Momentum Increases
Market Expectations

The 4-hour appearance shows buyers are already ready to move the price upward. It is, therefore, plausible for buyers to expand back to the $1.1700 critical zone.

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