Bancor platform manages the on-chain conversion of tokens. The platform which is a series of smart contracts makes conversion seeming less process. Bancor is currently competing with UniSwap in the same Defi space. Let us look at the technical analysis of BNT.
<h2><strong>Past Performance </strong></h2>
On July 07, 2021, BNT opened at $3.42. On June 13, 2021, BNT closed at $2.99. Thus, <a href="https://www.cryptoknowmics.com/news/bancor-bnt-and-curve-crv-technical-analysis-what-to-expect/">in the past week</a>, the BNT price has decreased approximately by 12%. In the last 24 hours, BNT has traded between $2.88 - $3.12.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/l/LeBgtao3.png" alt="https://s3.tradingview.com/snapshots/l/LeBgtao3.png" width="862" height="595" />

<a href="https://www.tradingview.com/x/LeBgtao3/">https://www.tradingview.com/x/LeBgtao3/</a>
<h2><strong>Day Ahead And Tomorrow </strong></h2>
At the time of writing, BNT is trading at $2.92. The price has decreased from the day’s opening price of $3.001. Thus, making a bearish candle. Moreover, in the short time frame, it is forming a triple top, which indicates a bearish trend in the future.

On the daily chart, <strong>MACD and signal lines</strong> are in the negative zone. Moreover, forming a bearish crossover by MACD line crossing over the signal line. Thus, indicating that the price may decline for the rest of the day.

Currently, the <strong>RSI indicator</strong> is at 35.41%. It has broken its support at 34% mark. Thus, we can witness that the selling pressure is slowly increasing, and if it sustains below this level we can see a short pullback.
<h2><strong>BNT Technical Analysis </strong></h2>
In short, when we look at the oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

BNT is currently trading below the <strong>Fibonacci pivot point</strong> of $2.99. If the bears remain strong till day end, then the price is likely to fall below the key support level of $2.84. If the price breaks this support level, it will highlight the next support level at $2.66. Traders can have a good scalping opportunity at this level. You can take a short position.

BNT Technical Analysis: A Bearish Trend Likely, Yet Reversal Can Happen Beyond $2.99

BNT is currently trading below the Fibonacci pivot point of $2.99. If the bears remain strong till day end, then the price is likely to fall below the key support level of $2.84. If the price breaks this support level it will highlight the next support level at $2.66. Traders can have a good scalping opportunity at this level. You can take a short position.

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.

BNT Technical Analysis: A Bearish Trend Likely, Yet Reversal Can Happen Beyond $2.99

Top Picks