Bancor (BNT) Price Action Bounces off the Bull’s Last Defensive Line

Price action in the BNT daily market had recently ramped through the $0.600 mark, and short traders took advantage of the price increase to take out some profits from this market. This caused price action to spiral downward through multiple support levels. Nevertheless, as of now, buyers seem to have regained control deep in their court.

BNT Statistics:
Bancor Value Now: $0.4375
BNT Market Cap: $64,694,943
Bancor Circulating Supply: 145,366,887
Bancor Total Supply: 161,196,921
BNT CoinMarketCap Ranking: 297

Key Levels
Top: $0.4375, $0.4500, and $0.4650
Base: $0.4300, $0.4200, and $0.4100

BNT Price Leaps Towards the $0.4523 Resistance

The price action in the BNTUSDT daily market has corrected upwards after hitting the 78.60 Fibonacci Retracement level as a support. Also before the rebound, price action had stayed around this mark as if it were finding it hard to break it down. Consequently, this shows that support here is a stronghold for buyers. At this point, the Bancor token now trades above the 9-day Smooth Moving Average (SMA) curve.

Simultaneously, the Moving Average Convergence Divergence MACD indicator lines continue to approach an upside crossover just below the equilibrium level. Likewise, this indicator keeps revealing that downward forces are losing momentum, as its bars are now appearing pale red. As a result, this will give room for the ongoing upside correction to gain momentum.

 

Bancor Keeps Gathering Upside Momentum as Predicted

The Bancor 4-hour market reveals that the upside momentum is gaining strength, as mentioned earlier. Here, it could be observed that prices have increased from $0.4375 to $0.4377. Although this seems like quite a small increment, it shows that the market is progressing as predicted. The last price candle here leaps up off the 9- and 21-day SMA curves.

However, the Stochastic Relative Strength Index (RSI) indicator lines seem a bit mangled and are now oriented generally sideways, which doesn’t hold much impetus for this market. Nevertheless, traders can hope for this upside correction to extend through the $0.4600 mark.

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