Bancor Price Analysis: BNT skyrockets on Coinbase Pro listing, bulls eye $2

Bancor (BNT) sits in 93rd place in the global cryptocurrency market rating. The token behind the on-chain liquidity protocol has a market capitalization of $120 million and an average daily trading volume of $91 million. 

Coinbase sends BNT to the moon

The token is most actively traded on Binance, Huobi Global and HTBC. However, the situation is about to change as the largest US-based cryptocurrency trading platform has added BNT to the list of tradable assets. 

As of December 14, Coinbase Pro users can transfer BNT tokens on their cryptocurrency exchange accounts. The trading will be activated on December 15, at 9 AM EST, provided that the liquidity conditions are met. BNT will be available against BTC, USD, EUR and GBP.

The news served as a major bullish catalyst for the token. BNT price jumped by over 28% in the past 24 hours and hit $1.41, the highest level since October 12. At the time of writing, BNT is changing hands at $1.39 amid strong upside momentum. 

Bancor's average trader returns skyrocketing

MVRV, or the ratio between the market value of the asset and its realized value, helps to spot market tops and bottoms and understand when the asset price is undervalued (time to buy) or overvalued (time to sell). 

Bancor's MVRV has been growing since November 26 and moved to the positive territory on December 12. The metric is still below the recent peak, meaning that the upside potential has not been exhausted yet.

BNT's MVRV ration

No resistance ahead

Meanwhile, the In/Out of the Money Around Price data shows that there is little to no barriers above the current price. If the bullish momentum is sustained, BNT may extend the recovery towards at least $1.66. This area coincides with the resistance that limited the upside in July. Once it is out of the way, the upside is likely to gain traction with the next focus on $2.

AAVE's In/Out of the Money Around Price data

On the downside, BNT sits on top of strong support as over 1,250 addresses purchased over 30 million coins between $1 and $1.15. This barrier has the potential to absorb the downside pressure and trigger a new massive bullish wave.