Bancor (BNTUSD) Keeps Sliding in a Downward Direction
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
BNTUSD Analysis – Bancor Keeps Sliding Downward Under Bearish Influence
BNTUSD keeps sliding down under the bearish influence. The price fails to take advantage of a short-term ranging movement to reach a higher price level. Instead, the market proved too weak to break the $2.880 resistance level, which it tried several times. On its way downward, the market was upheld briefly at the $2.220 support level, but this was breached as well as the primary support at $2.050.
BNTUSD Key Levels
Resistance Levels: $2.880, $3.900, $4.900
Support Levels: $0.820, $1.500, $2.050
The downtrend movement of the market is well documented from mid-May 2021. A general drop in the crypto market also affected BNTUSD, and the coin dips till it finds a footing at $2.880. The market gained stability at this level and attempted to rally but was blocked several times at the $4.900 resistance level. This continued till the turn of the new year when an exhausted market fell through the support level.
The coin is confined to other key levels as it keeps sliding downward. The $2.880 level, which kept the price up, has been transformed into a strong resistance level. The new support for the coin was pitched at $2.050. However, this ranging lasts approximately four months before BNTUSD repeats its bearish trend. Since then, the price keeps dropping. The market is currently trading below $1.500.
Market Expectations
The general downtrend of the market sees it sliding down a trendline, as shown on the short-term MACD (Moving Average Convergence Divergence) indicator, whose lines are predominantly below the zero level. However, the coin has slid under the $1.500 significant level but remains above the trendline with an indecisive movement, as shown on the 4-hour chart. Hence, the market is currently moving sideways. Nevertheless, Bancor keeps up a downtrend and is expected to reach $0.820 soon.
How To Buy Lucky Block
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
