Is Bancor (BNTUSD) Set to Fall After Reaching Its Ranging Height?
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Market Analysis – Bancor Could Be Set to Fall After Striking $3.530 Consolidation Height
Bancor is set to fall after hitting the top of its range zone at $3.530. The coin entered the ranging zone on the 18th of June 2021 with a fall in price below the $3.530 key level. The market immediately dived to find support at $2.700. From there, the market began its adventure of trying to regain lost heights. Its very first barrier to reaching higher was at $3.200. The coin was rejected and sent back to $2.700.
Bancor Key levels
Supply Levels: $3.530, $4.000
Demand Levels: $3.200, $2.700
Bulls, however, regrouped themselves to fight back, and at the second time of asking, they breached the $3.200 supply level. Going further upwards, they confronted another barrier in the $3.530 supply line. This proved too strong a barrier for the market to break. The coin, using $3.200 as support, tested the resistance twice and failed each time. At this point, bulls lost hold of the coin and price began to slump. Bancor eventually fell back beyond the $2.700 support.
Bears even tried to plunge the market below $2.700, but the coin was able to recover in time to begin another uptrend. Buyers, therefore, pushed the market up through a channel, easily bypassing $3.200 till the market struck $3.530. Price tried to sneak past $3.530 but it was repelled slightly. It remains to be seen if bulls will summon the courage and breakthrough. Currently, the Stochastic Oscillator is just hovering just below the oversold region.
Market Prospects
On the 4-hour chart, the market can be seen cranking through the ascending channel till it gets to $3.530. Price has stuck a long wick past the supply level, but it has been bundled back below. The coin has now fallen to the lower part of the channel and may fall out of the channel totally from here. The ATR (Average True Range) shows that market volatility has increased significantly in the past 5 days, thereby strengthening buyers to push above $3.530. The Stochastic Oscillator, however, is already at mid-level on its way down and $3.530 will likely prove to be too strong for Bancor once again.
Price is therefore expected to fall again, with $2.700 once more as the landing spot.
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