Bancor (BNTUSD) Price Is Likely to Fall Due to Trader Indecision
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BNTUSD Analysis- A Selloff Could Continue Following a Price Pullback
BNTUSD price is likely to let loose amid traders’ indecision. The crypto market is currently accumulating close to the 0.3830 key zone following its breakout from it. The sellers had outclassed the buyers by causing this breakout. However, the price buildup is closing down in pullbacks as a result of indecision. As of this writing, the RSI (relative strength index) shows us that selling vigor is still present, as sellers still plan to drop the market lower.
BNTUSD Significant Levels
Resistance Levels: $1.5460, $1.1490
Support Levels: $0.62200, $0.3830
The sellers had a major contribution to how the crypto price liquidity played out. Since the 1st quarter of the year 2022, the BANCOR price has been declining because investors were selling more shorts. The crypto market fell with a strong liquidity flow, as the moving average of days 9 and 14 indicated a golden cross as the price traded close to the $1.1490 key zone. However, prices’ heavy decline implies that there will be room to consolidate before further continuation. The sellers, therefore, halted their solid flow following the price slip below the $0.6220 key zone.
As a consequence of the price dip, the Bancor price began to consolidate all through the second and third quarters of the year. Recent trading developments show price action breaking through the consolidation phase. The RSI (relative strength index) still confirms the price setup amid a pullback on the daily time frame. The moving average indicator of days 9 and 14 is expanding further, which implies that selling is still in progress
Market Expectations
The sellers are still very interested in causing the price trend to flow lower in the market. Bancor’s price is therefore still open for a selling moment, as the 4-hour time frame also depicts sellers ready to go lower following a break at a significant level of $0.3830.
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