Bancor (BNTUSD) Is Making a Bullish Resurgence
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BNTUSD Analysis – Price Is Making a Bullish Resurgence Above $2.500
BNTUSD is making a bullish resurgence after successfully violating the $2.500 significant level. The bears had plummeted the price past several key levels to $2.000. But at this low point in the market, bulls began grouping to cause a rally. Downward pressure didn’t allow a smooth transition, and the coin had to be forged into a triangle pattern to drive upward, thus making a bullish resurgence.
BNTUSD Critical Levels
Resistance Levels: $3.200, $4.900
Support Levels: $2.00, $2.500
The $4.900 resistance level has been the limiting level for the market since the May 19th, 2021 global crypto dip. Likewise, the coin is seen to have strong support at $2.500, having not dropped below it since mid-2021. Both support and resistance levels have conspired to force the price into consolidation. However, when the price hit $4.900 for the second time, the bears took the opportunity to exploit the market and forced it below $2.500.
Bancor is nonetheless making a bullish resurgence after dropping to $2.000. The coin conformed to a triangle shape to break back above the $2.500 significant level. Price has also broken through the descending channel and is dropping back for a retest of the upper border of the channel. The Stochastic lines, having risen to overbought, are now dropping for the pullback. Nevertheless, the Parabolic Stop and Reverse still maintain the uptrend indication.
Market Prospects
On the 4-hour chart, the price is seen dripping for a retest. This is evident as the Stochastic has now dropped into oversold territory. This means there is an imminent rise in the market. The Parabolic SAR has yet to confirm an uptrend in the market, but this is expected as soon as the price bounces off the upper border of the descending channel. The coin will reach for $3.200.
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