Bancor (BNTUSD) Is Struggling to Maintain a Positive Price Flow
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Bancor Analysis – Price Is Struggling to Keep Up With Its Bullish Intent
Bancor is struggling to maintain its positive price flow as the market seems to be pinned down by the bears at a very crucial point. On the 16th of November, the price fell from an ascending channel and landed on a critical confluence point that included a strong support level and an uptrend line. The coin was expected to rally back up from this strong confluence, but bearish influence has connived to pin down the market such that there has been no appreciable movement in the market.
Bancor Significant Levels
Resistance Levels: $5.000, $4.800, $4.400
Support Levels: $4.050, $3.900, $2.500
Bancor kicked-started its rise from the $2.500 key level after an initial failure. An upsurge followed in which price rallied to reach a limit of $4.800, after which it dropped. The coin crashed through several key levels, but it was stopped at $3.200. The significant level, $3.200, is higher than $2.500, where the market rally started, thereby preserving the upward momentum in the market. From here, the price broke out again upwards.
The coin could not bypass $4.800 again. Another rejection occurred, which plunged the market to the $3.900 level, which is also a higher level than the last market low. Bancor has since been struggling to rise. After more than two weeks of stalling, the price seems to be pinned to the level. The market even dropped briefly below the level before recovering again. The MACD (Moving Average Convergence Divergence) suggests the coin has been in a bearish region but is set to rise again.
Market Anticipation
The MACD indicator in the short term is in contrast to that of the daily chart as it is signaling a fresh drop in price. This can be seen on the 4-hours price chart where the coin has been rejected at $4.400 and dropped back to the confluence of the trend line and the $4.050 key level.
Bulls can be backed to keep dragging the market along the uptrend line till more weight is shed and the price shoots up again.
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