BNT Uptrend to Continue Above $7 – Technical Analysis
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BNT Uptrend to Continue Above $7 – Technical Analysis

March 5, 2021      Ankita Awasthi

Bancor Network Token (BNT) is the native token of the Bancor blockchain network. This protocol allows users to convert digital currencies instantly. With the Bancor blockchain network, users no longer need to exchange digital tokens on official cryptocurrency exchanges.

Past Performance

BNT Price ANalysis

BNT started trading at $5.64 on February 25, 2021. As of March 4, 2021, the closing price was $6.53. Thus, the BNT price has surged by approximately 16%, in the past week.

In the last 24 hours, the BNT price is fluctuating between $5.85 and $7.

Day-Ahead and Tomorrow

Currently, BNT is trading at $6.87. The price has risen from the opening price of $6.52. Thus, the market looks bullish.

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Currently, the RSI indicator is at 77%. This means the crypto is being ‘overbought’. Thus, the high demand for BNT is likely to push its price upwards. Look ahead for a good buy opportunity.

The MACD and signal lines are positive too. Hence, the overall market momentum is bullish. A bullish crossover by the MACD line over the signal line further confirms a price rise.

Besides, the OBV indicator is upward sloping. Thus, buying activity has overtaken the BNT market. As buying volumes keep increasing, the price will keep moving up.

BNT Price Analysis

Currently, the BNT price is inching closer to the second Fibonacci pivot resistance level of $7.17. It will soon break out of it. In some time, the price is likely to break out of the third Fibonacci pivot resistance level of $7.61. The market’s positive momentum is very strong. The next few days will be critical to watch.

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The price has already tested the 38.2% and 23.6% FIB retracement levels of $6.56 and $6.73 respectively and broken out of it. By the end of the day, we can expect the price to breach the 61.8% FIB extension level of $7.71. The bulls have enough strength to sustain till tomorrow. Hence, the price uptrend is expected to continue tomorrow as well.

#Bancor Network Token #BNT
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.