Bancor (BNTUSD) Has Been Forced Into Consolidation as It Seeks to Attain a New Height
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Market Analysis – BNTUSD Is Attempting to Break Out After It Has Been Forced Into Consolidation
BNTUSD has been forced into another consolidation between the $4.400 and the $3.850 key levels. This represents another bump that is major on the road to attaining a higher height for Bancor. The upward run of the market has not been very straightforward. The coin has just left a consolidation zone which is situated between $3.700 and $3.380 key levels, albeit for a lesser number of days.
BNTUSD Key Level
Resistance Levels: $4.400, $4.800, $5.500
Support Levels: $3.850, $3.700, $3.380
The coin was forced up to the $3.850 support level by the bulls on the 7th of August 2021. Bancor immediately started climbing, but the impetus dropped even before it reached the resistance level, so it pulled back to retest the support at $3.850. It pushed up from here and came in contact with the $4.400 resistance where it failed again to drop back to bounce off the support again. BNTUSD has moved up again to force its way past the resistance.
For up to a week, the price has remained directly below the resistance. Even in the past three days, the market has pierced through the level with long wicks, which almost got to $4.800. But the opening and closing prices essentially remained below $4.400. The signal line of the Relative Strength Index has thus far been prevented entry into the overbought region and the price seems to be falling again. But the Parabolic Stop and Reverse still point the market direction upwards.
Market Anticipation
The coin is falling again after suffering another round of rejection at the resistance level. The Parabolic Stop and Reverse indicator has now placed a single dot above the latest 4-hour candlestick. For the past three days, the Relative Strength Index has had its signal line oscillating around the 50 mark. This shows equilibrium in market momentum, with neither bears nor bulls having the upper hand as the market remains forced to keep ranging. The market, however, seems more intent on going bullish and we can expect another break out upwards for Bancor to reach $5.500.
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