BNT May Fall Below $8.13 – Technical Analysis
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BNT May Fall Below $8.13 – Technical Analysis

March 20, 2021      Ankita Awasthi

Bancor is a blockchain network that facilitates easy conversion of digital currencies. Users no longer need cryptocurrency exchanges to exchange digital money. It is a decentralized ecosystem that provides high liquidity to users coupled with fast and secure transactions. BNT is the primary token of this network.

Past Performance

On March 13, 2021, the opening price of BNT was $7.80. As of March 19, 2021, the closing price of BNT was $8.14. Thus, in the past week, the BNT price has surged by approximately 4%. In the last 24 hours, the BNT price has been fluctuating between $7.73 and $8.50.

BNT Price Analysis

https://www.tradingview.com/x/dTydB8UD

Day-Ahead and Tomorrow

This morning, BNT started trading at $8.15. Currently, BNT is trading at $8.32. Thus, the market seems positive.

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For the past couple of hours, the OBV indicator has been gradually falling. Thus, selling volumes are steadily increasing. High offloading activity will exert downward pressure on the crypto price. Thus, we can expect the BNT price to drop.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect a price pullback.

The RSI faced rejection at 36% and currently rallied to 42%. Thus, even though selling pressures are very high, buying pressures may be slowly catching up. Thus, we can expect the price to resume its upward journey after a brief price pullback.

BNT Price Analysis

Currently, the price is closer to the first Fibonacci pivot resistance level of $8.42. It may fall up to the Fibonacci pivot point of $8.13, as the oscillators have pointed towards a price pullback. Thereafter, if significant price corrections are done, the price may start rising again.

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The price is all set to retest the 23.6% FIB retracement level of $8.31 and may fall below it as the market is in a correction phase. It may also retest the 38.2% FIB retracement level of $8.21 and fall below it. However, since the overall market trend is bullish, we can expect the price to break out of these levels by day close. If the price does not breach these levels, then a price downtrend has set in, and it is likely to continue tomorrow as well.

#Bancor #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.