Bancor Technical Analysis: BNT/USD breaches $1.3 with very little resistance towards $2


  • BNT/USD had a 24% price surge on June 23.
  • Bancor is not facing many resistance levels towards $2.

BNT/USD continues with its bullish path to $2 after a notable amount of continuation on June 24 peaking at $1.299. The daily chart has formed a bull flag which could get extended for a few days. The MACD flipped positively on June 22 and the RSI is overextended again. 

BNT/USD 4-hour chart

BNTUSD

The 4-hour chart clearly shows that the recent bull rally is not just one whale pushing the price. The move happened over the course of 60 hours, however, BNT had no consolidation so far and the 4-hour RSI is still extremely overextended. A pullback is needed and buyers can use the 12-EMA established at $1.11 for support. 

The $1.12 level is also a support level, the low of June 24 on the 4-hour chart. Either way, even if the 12-EMA is lost, the 4-hour uptrend would remain intact, in fact, anything above $0.83 is basically a higher low and a continuation of the trend.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC sandwiched between strong resistance and support levels

Investment management firm Grayscale has recently resumed its acquisition of Bitcoin. Grayscale investment firm has bought 17,100 Bitcoin in the past week. BTC faces a strong resistance level at $10,800, as per the daily ...

More Bitcoin News

VeChain Technical Analysis: VET upside capped at $0.015

The 4-hour VET/USD has broken above the downward trending line and the 100-day Simple Moving Average (SMA 100). In the process, the TD sequential has flashed a buy signal. The MACD has reversed from bearish to bullish ...

More VeChain news

Cardano Price Prediction: ADA could be poised for a potentially deadly selloff

Cardano established a new 2020-high on July 26 at $0.15. The digital asset is down 50% since its peak, and it’s currently trying to recover. 

More Cardano news

Reddit users should hurry up if they want to cash out MOON tokens, price is falling

Reddit's crypto community has worked out a way to sell its native token MOON for cash. The coin that was initially hosted on an Ethereum testnet and intended for internal use only is now converted to a mainnet currency and traded on DeFi-protocols.

More News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast

BTC

ETH

XRP