BNT Technical Analysis: Bullish Market, Look for Pivot Point of $3.466

Bancor is a blockchain network that facilitates the easy conversion of cryptocurrencies. Users no longer need cryptocurrency exchanges to exchange digital currency. It is a smart contract-driven decentralized ecosystem that provides high liquidity to users coupled with speedy and safe transactions. BNT is the prime governance token of this network. Let us look at the technical analysis for the same.

Past Performance

On July 3, 2021, BNT opened at $4.01. On July 6, 2021, BNT closed at $2.93. Thus, in the past week, the BNT price has decreased by roughly 27%. In the last 24 hours, BNT has traded between $2.66 – $3.16.

https://www.tradingview.com/x/EWhhrred/

Day-Ahead and Tomorrow

Currently, BNT is trading at $3.13. The price has increased from the day’s opening price of $2.93. Thus, the market seems bullish.

The MACD and signal lines are positive.  Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback.

Currently, the RSI indicator is at 47%. It faced rejection at 62% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the BNT price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Heavy buying activity will push the price further up.

In short, the MACD and RSI indicator have shown strong possibilities of a price pullback. However, the OBV indicator has given strong bullish signals. Thus, looking at all three oscillators together, we can say that temporary price pullbacks as market correction can be expected amidst an overall positive trend.

BNT Technical Analysis

Currently, the price is above the Fibonacci pivot point of $2.92. It may soon surpass the first Fibonacci pivot resistance level of $3.11. If the bulls regain full strength, the price may even surpass the subsequent resistance levels of $3.22 and $3.42, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $3.04. The price may soon surpass the 23.6% FIB extension level of $3.28 as well. If by day close, the price retests and falls below these levels, then probably a downtrend has set in. In that case, the price downswing may continue tomorrow as well.