Bancor (BNTUSD) Is Recovering off the $3.200 Support Level
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BNTUSD Analysis – Price Is Recovering off a Significant Level
BNTUSD is recovering from the September 20 plunge in price that drove price below its consolidation zone. The plunge in price drove the market to its significant level at $3.200. Bancor is now recovering after employing a bullish engulfment candle to bounce up from the support level yesterday. The recovery has continued today, albeit with less momentum. Currently, the coin is having difficulty bypassing $3.700.
BNTUSD key Zones
Resistance Levels: $3.700, $3.850
Support Levels: $3.380, $3.200
When price began an uptrend on the 21st of July, it only had a moment of difficulty below the $3.700 resistance level, after which it bypassed it. The market ascended above the $3.850 key level. And, while the price continued to rise, it spent a significant amount of time below $4.400.The coin eventually broke through on the 1st of September, but by the time it got as high as $4.800, the price suddenly fell in a surge that plunged the market to $3.700.
After a while consolidating between $4.400 and $3.850, the market dropped further to $3.200. From this point, BNTUSD is now recovering from this level. It has bypassed $3.380 on its way upward. Indications are that the market will make more upside movements. There is a cross in the oversold region upward from the Stochastic Oscillator. The Relative Strength Index is also at 43 and will be looking to break upward of the middle line.
Market Expectations
On the 4-hour chart, the price is progressing upward favorably. And now the coin remains below the $3.700 resistance level. From the Relative Strength Index chart, there is more upside movement for the market as it crosses into the buying half of the chart. However, the Stochastic Oscillator is showing that BNTUSD is now in an overbought zone. This indicates that Bancor might likely pull back a bit before pushing further upwards above $3.700.
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