Bancor (BNTUSD) Stalls Below the $2.500 Significant Level
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Bancor Analysis – Price Stalls Below $2.500 After an Impulsive Drop
Bancor stalls below the $2.500 significant level after an impulsive drop. The market can already be seen undulating downward from the 23rd of December, breaching the $3.200 price level in the process. What follows next is an impulsive drop in the market. The slump can be seen with consecutive bullish candles over 6 days, in which the price drops by 31%. The fall ensures that Bancor violates the $2.500 significant level.
Bancor Important Levels
Resistance Levels: $3.900, $3.200
Support Levels: $2.500, $2.000
Bears are eventually holding onto market dominance after a long period of consolidation. The coin can be seen to have a general wavy pattern as bears and bulls battle out for market dominance. However, the current global crypto drop is in favor of the bears, and they have taken full advantage to ensure the price drops to an 11-month low.
Having breached the $2.500 significant level, the coin now stalls below the level, remaining indecisive. The market is still generally plunged deeply into bears’ territory, as indicated by the Relative Strength Index. A slight trigger is enough to force the price further down to break through the next support level at $2.000. The Parabolic Stop and Reverse indicate bullishness. The market is likely to keep ranging between $2.500 and $2.000 for a while before it determines its next destination.
Market Expectations
On the 4-hour chart, the coin has been forged into what looks like an inverted head-and-shoulders formation. This is a bullish reversal formation. It remains to be seen if the bulls successfully execute this formation to bring about a reversal. If successful, the price will break through $2.500 and push up to $3.200.
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