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Today’s trading activities have brought some refreshing breath to buyers in Bancor’s daily market. Consequently, price action seems to be gearing up to hit a target at the $0.9000 mark, and technical indicators seem aligned toward that goal. Nevertheless, let’s carefully analyze the chances of this happening.
Key BNT Statistics:
Current Bancor value: $0.7992
BNT Market Cap: $107,305,138
Bancor Circulating Supply: 134,503,274 BNT
BNT Total Supply: 161,196,921 BNT
Bancor CoinMarketCap Ranking:340
Key Price Levels:
Resistance: $0.7992, $0.8000, and$0.9000
Support: $0.7900, $0.7800, and $0.7700
Bancor Bulls Regain Moderate Bullish Traction
The BNT daily market recorded moderate profits in today’s trading activity. This has placed the market back at the same price level last seen about eight trading sessions ago. Likewise, it could be seen that trading activities are now occurring within arm’s reach of the tailwind, above the crossed lines of the Guppy Multiple Moving Average (GMMA) lines.
In addition, we can see that the Relative Strength Index indicator has already delivered a bullish crossover near the 40 marks of the indicator. Consequently, this suggests that prices may climb higher in the coming trading sessions since indicators are supplying a bullish impetus to traders in this market.
BNT Market May Witness Heightened Bullish Pressure
In a Bancor market with a shorter timeframe of 4 hours, it could be seen that the applied Moving Average Convergence Divergence (MACD) indicator is pointing to a significant increase in upside momentum. Here, it could be seen that the MACD last bar appears quite taller than the previous one above the equilibrium level. Consequently, this suggests that bullish momentum is increasing.
However, there has only been a moderate price increase in the ongoing session, while trading activities are happening above the crossed Guppy Multiple Moving Average lines. Be that as it may, traders can still at least expect price activity to continue towards the $0.8500 mark in the meantime, going by indications ensuing from technical indicators.
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