BNT Technical Analysis: Price Likely to Fall Below the Third Support Levels of $4.39

Bancor manages the on-chain conversion of tokens. The platform which is a series of smart contracts makes conversion seeming less process. Bancor is currently competing with UniSwap in the same Defi space. The following BNT technical analysis price will predict the price trends for the next two days:

Past Performance

On May 28, 2021, BNT opened at $4.87. On June 3, 2021, BNT closed at $4.90. Thus, in the past week, the BNT price has changed by a few percent. In the last 24 hours, BNT has traded between $4.60-$4.97.

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Day Ahead And Tomorrow

Currently, BNT is trading at $4.69. The price has decreased from the day’s opening price of $4.90. Thus, the market seems bearish.

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 BNT price may decline further.

Currently, the RSI indicator is at 35.41%. It has been taking support at this level and rising. 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.

BNT Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $4.83. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $4.66, $4.52, and $4.39, respectively.

The price is currently taking support at the 38.2% FIB retracement level of $4.6652. It may soon correct from this level of $4.66. 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.