Bears Remain Active on Bancor (BNTUSD)
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Bancor Analysis – Bears Remain Active as the Price Drops Below $2.500
Bears remain active on Bancor as the price drops below the $2.500 significant level. The price continued its downtrend by cranking through a descending channel, starting around late December 2021. The key levels also played a role in the downward movement of the market. Therefore, having violated the $3.200 price level, the bears plunged the market directly below the next major level at $2.500.
Bancor Major Levels
Resistance Levels: $4.900, $3.900
Support Levels: $2.000, $2.500
Despite commencing the downslide through a channel in late December 2021, the price initially began to be bearish around mid-November. This was after the market re-tested the $4.900 weekly resistance level without success in violating it. Hence, bears took over the market, plunging it to $3.900 and, after a while, to $3.200.
It took a while for the sellers to find a way through the $3.200 significant level. In the end, they employed the use of a channel under the force of the MA period 50 (Moving Average). The result is that the price has plummeted past $2.500. While bears remain active in the market, bulls have revived below $2.500 as they push to climb above the level. The Moving Average Convergence Divergence shows this with a cross upward from below the zero level.
Market Forecast
On the 4-hour chart, the MA period 50 has switched from resistance to support as it endeavors to bear the price up. Though the market is having some difficulty climbing back above $2.500, it has formed a triangle pattern with which Bancor can force its way above $2.500 as it seeks to reach $3.200.
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