Bancor platform manages the on-chain conversion of tokens. The Bancor platform, which is a series of smart contracts, makes conversion seeming less process. Bancor is currently competing with <a href="https://www.cryptoknowmics.com/news/uniswap-price-prediction-2021/">UniSwap</a> in the same Defi space. The following BNT <a href="https://www.cryptoknowmics.com/news/synthetix-snx-and-bancor-bnt-technical-analysis-what-to-expect/">technical analysis</a> will predict the price trends for the next two days:
<h2><strong>Past Performance </strong></h2>
On July 29, 2021, BNT opened at $3.23. On August 04, 2021, BNT closed at $3.63. And, in the last 24 hours, BNT has traded between $3.39-$3.62. Thus, the price trends are indicating low volatility in the BNT token.

<img src="https://s3.tradingview.com/snapshots/b/BzeEzk7Q.png" alt="TradingView Chart Snapshot" />

<a href="https://www.tradingview.com/x/BzeEzk7Q/">https://www.tradingview.com/x/BzeEzk7Q/</a>
<h2><strong>Day-Ahead and Tomorrow </strong></h2>
At the time of press, BNT is trading at $3.60. The price has decreased from the day’s opening price of $3.71. Thus, we are witnessing a small profit booking in BNT token.

To confirm the trend, we will have to wait and watch to see if the price is breaking down from its immediate support level of $3.37 or not. If the price breaks down from this level, a short position can be taken, keeping a stop loss at $3.61. Until then, BNT might trade in a range.

On the daily chart, the<strong> MACD and signal lines</strong> have entered the positive range. Moreover, we can witness a bullish crossover by the signal line over the MACD line. Thus, the overall market momentum is turning bullish. Hence, the BNT price may rise further after retesting the demand zone.

The <strong>RSI indicator</strong> is at 62%. It has cooled off from the 78% mark and now taking the support. Thus, buying pressures are slowly increasing. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal, on a daily level.

In short, when we look at all the oscillators, we can say that the price may continue to rise. 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.
<h2><strong>BNT Technical Analysis </strong></h2>
BNT is currently trading below the second <strong>Fibonacci pivot point</strong> of $3.86 and is taking support at the <strong>third FIB retracement level of</strong> $3.38. Thus, if the bulls remain strong till day end, then the price is likely to rise above the <strong>FIB resistance level</strong> of $3.68. Once the price sustains this level, it will highlight the next resistance at $3.86. Thus, traders will have an opportunity to go long.

On the other hand, if the selling pressure increases, the price that is trading below the <strong>FIB resistance level</strong> of $3.68 may fall below the <strong>FIB support level</strong> of $3.56. Thereafter, traders can go short.

BNT Technical Analysis: Trading Below the Second Fibonacci Pivot Point of $3.86, Support at the Third Level $3.38

Bancor (BNT) price is likely to rise above the FIB resistance level of $3.68. Once the price sustains this level, it will highlight the next resistance at $3.86. Thus, traders will have an opportunity to go long.

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: Trading Below the Second Fibonacci Pivot Point of $3.86, Support at the Third Level $3.38

Top Picks