BNT Technical Analysis: Declining Price May Find Immediate Support at $4.69

Bancor is a series of smart contracts that manage the conversion of tokens on-chain. Without going through an exchange, converting tokens is effortless and quick with this protocol. Several tokens on the network are connected via Liquidity Pools managed by the protocol’s smart contracts. A major token on the network is the Bancor Network Token (BNT). Bancor and Uniswap are currently leading this new blockchain trend.

Bancor’s uniqueness lies in its goal to create liquidity for altcoins and to remunerate its liquidity providers. Using the protocol, tokens running on various blockchains can be automatically converted to other tokens, including tokens on other blockchains, without any human intervention. Let us look at the technical analysis of BNT.

Past Performance

BNT touched $4.86 on 6th September, which is the highest price mark in the last 30 days. The current price of BNT is $4.77, which is up by 0.44% in the last 24 hours.

During the week, between the 31st of August and the 6th of September, the price opened at $4.18 and closed at $4.78. Thus, there is not much volatility in the price during this time.

https://www.tradingview.com/x/BNC9p32u/

BNT Technical Analysis

The RSI is currently at 67.83%. It is taking multiple support at 63.52 and 67.38% suggesting the buying pressures are high for BNT. It has formed its base, and we can expect it to further rise from this level. The trend will turn bearish if the RSI breaks down from this support level.

MACD and EMA lines are above the zero range, suggesting a buy on BNT. There is a bullish crossover on the chart, however, the MACD and EMA lines are closely rallying, suggesting we might expect a reversal in trend in some time. The current range is crucial for BNT.

On the daily chart, the OBV has taken a slight dip suggesting the investors are losing interest in BNT.

Day-Ahead and Tomorrow

On the chart, the BNT price is falling, however, the price might find immediate support at $4.69. If the price breaks down from this level, it will highlight the support level at $4.59. These are the crucial support levels for BNT.

However, if the price rises, we might expect the price test at $4.88. A breakout from this level will highlight the next resistance level at $5.20. Consequently, traders can take a long position accordingly.

   
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