Bancor platform manages the on-chain conversion of tokens. The platform which is a series of smart contracts makes a seemingless conversion process. Bancor is currently competing with Uniswap in the same Defi space. Let us look at the technical analysis of BNT.
On October 18, 2021, BNT opened at $4.10. On October 24, 2021, BNT closed at $4.12. Thus, in the past week, the BNT price has changed by a few percent. In the last 24 hours, BNT has traded between $4.04-$4.22.
Currently, BNT is trading at $4.20. The price has increased from the day’s opening price. Thus, the market seems bullish.
In the hourly time frame, MACD and signal lines are at equilibrium. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.
Currently, the RSI indicator is at 47.35%. It has been taking support at this level and rising up. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the BNT price.
In short, when we look at all three 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.
Currently, the price is below the second Fibonacci pivot point of $4.83. If the bears take control of the day, then the BNT price is likely to fall below the first, second, and third support levels of $3.99, $3.70, and $3.18, respectively.
The price is currently taking support at the 38.2% FIB retracement level of $4.66. It may soon correct from this level of $3.99. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.