Bancor (BNTUSD) Sinks Further Downward Under Bearish Pressure
May 13, 2022
#BNT#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#Market Expectation#Price Action#Technical Analysis
Bancor Analysis – Price Sinks Further Below $2.050 Under Bearish Pressure
Bancor sinks further below the $2.050 price level under intense bearish pressure. The price has been struggling for a while, confined to consolidation between critical levels. The $2.880 level limited the market from going up, while the $2.050 significant level sealed the coin from below, preventing it from dropping. However, after four months of ranging, the market sinks below $2.050 under bearish pressure.
Bancor Key Levels
Resistance Levels: $2.880, $2.500
Support Levels: $2.050, $1.500
The market consolidation represents a display of the tussle for power by opposing market forces. The price could have moved either way, but the bears slightly edged the market. Bancor bulls still had the opportunity to win over the bears when they forged the price candles into a double bottom design. The coin rose, but it still couldn’t violate the resistance level at $2.880.
Immediately afterwards, the bears plunged the market steadily. Even though the market wanted to stabilize itself at a significant level of $2.220, bearish pressure persisted, and the coin sinks further. Currently, the coin has traded below another strong level at $1.500. The market is thus in a bearish mood, which can be seen in the southward trend of the indicators. The Moving Average Convergence Divergence and the Relative Strength Index have their lines dipping seriously.
The 4-hours chart shows a slight retracement at $1.500 before the market then drove forcefully downward. The MACD lines have been down-trending after dropping below the zero level. The RSI, likewise, shows that the market is deeply oversold. All indications point to dominant bears, and we can expect the price to drop further to $0.820.
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