BANCOR (BNTUSD) Remains in a Consolidation Streak
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BNTUSD Analysis: In the consolidation phase, traders still maintain price action
BANCOR (BNTUSD) remains in a consolidation streak around the projected key zones. The price tendency has seen less involvement by traders across the board. However, the lower input from the market prospect implies that there is no room for price distribution, either by the sellers or the buyers. Nevertheless, amidst this breakout, we still anticipate a change in the crypto market away from the consolidation streak. The momentum indicator has been losing spikes since the consolidation began at the $0.4320 key zone.
BNTUSD Trade Levels
Resistance Levels: $1.9540, $1.1820
Support Levels: $0.5480, $0.4320
Therefore, an increase or a spike in the BNTUSD price means the market is ready to flow out of its merging phase. Before the BANCOR consolidation streak began, the crypto environment had been more favorable to the sellers as the US index strengthened against the BANCOR influence. Sellers have pressured the price back down after breaking through the $1.9540 key zone. The bearish touch continued to swipe down even after accumulating at the $1.1820 key zone. The momentum indicator shows a strong pinpoint following price accumulation above the $1.1820 key zone. However, this led to a sharp liquidity decline on the crypto market. The sellers were able to plunge lower with more selling force as the Moving Average indicator shows the two crossing, expanding as momentum accelerates in the market.
Following a conveyance down to the $0.4320 key zone in July, the BNTUSD market has maintained its consolidation streak. The sell traders are currently at the low of the $0.4320 key zone, as the MACD (Moving Average Convergence and Divergence) indicator still shows no sign of a rise in the market. The daily chart shows more selling, implying a breakout or a trade back to the $0.5480 key zone to continue its consolidation streak.
Market Expectations
The sellers are trading close to the $0.4320 key zone as the market progresses. We should anticipate more buildup as the consolidation streak continues to hold on the 4-hour chart.
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