Bancor (BNT) Is Making Attempts to Break a Sharp Price Decline

After the price surge that occurred in the Bancor daily market around the 4th of this month, price action managed to poke through the 0.6000 mark but failed to obtain support above this mark. Subsequently, this resulted in a sharp price decline, which saw price movement retreat below the 0.5000 price level. Currently, it appears that buyers are preparing to resist further price declines. Let’s get a closer look.

BNT Statistics:
Bancor Value Now: $239.10
BNT Market Cap: $67,059,851
Bancor Circulating Supply: 146,078,262 BNT
Bancor Total Supply: 161,196,921 BNT
BNT CoinMarketCap Ranking: 304

Major Price Levels:
Top: $0.4485, $0.4550, and $0.4600
Base: $0.4450, $0.4400, and $0.4350

BNT Price Movements Still Appears Bearish

The Bancor daily market chart has revealed that this market has fallen under the control of headwinds. However, buyers seem to be starting a counterattack against the ravaging headwind at this point. Nevertheless, this preparation still seems very young and maybe snuffed out.

The mentioned resistance was staged below the 9- and 21-day Simple Moving Average (SMA) curves. Likewise, the Relative Strength Index (RSI) indicator lines keep falling slightly downward in the direction of the oversold region. All these signs maintain that developing resistance is still young.

Bancor Buyers May Have Gained the Needed Support

The BNTUSDT 4-hour market suggests that buyers may have acquired a strong base of support. Technically, this base of support could be used to launch an upside price correction. The last price candlestick can be seen sitting just above the 9-day SMA line. Meanwhile, the Stochastic Relative Strength Index (RSI) lines have indicated that upside momentum may grow stronger henceforth.

This can be seen as an upside crossover on this Indicator. The RSI lines have kept to a sharp but steep upside path, which seems to show that upside forces are getting stronger. Therefore, bullish traders here can hope to see more upside corrections toward the $0.4716 mark in the short term.

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