Bancor (BNT) Technical Analysis 2021 for Crypto Traders

Bancor (BNT) Technical Analysis 2021 for Crypto Traders

In Bancor (BNT) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about BNT to analyze the future trend of the cryptocurrency. 

The Bancor Network Token (BNT) is an Ethereum token that is used to power the Bancor protocol. The protocol calls itself a “fully on-chain liquidity protocol that can be implemented on any smart contract-enabled blockchain.”

Bancor is a decentralized financial platform that aims to provide liquidity to small- and micro-cap coins while also providing returns to liquidity providers. Significantly, Bancor makes use of two token layers to help with liquidity pools and functionality: BNT and ETHBNT.

Bancor (BNT) Current Market Status

According to CoinGecko, the BNT price is trading at $4.32 with a 24-hour trading volume of $50,839,089, at the time of writing. However, BNT has surged to 4.59% in the last 24 hours.

In addition, BNT has a circulating supply of 232,408,601 BNT coins. Currently, BNT trades in Binance, Tokocrypto, Huobi Global, OKEx, and FTX. 

Bancor (BNT) Technical Analysis 2021 

Bancor (BNT) holds the 94th position on CoinGecko right now. The recent development and upgrades might push BNT to reach new heights. Now, let’s deep dive into the BNT technical analysis 2021. The daily time frame chart of Bancor (BNT) is shown below.

BNT/USDT Ascending Channel Trend Pattern (Source: Tradingview)

The price action contained between two parallel upward sloping lines is defined as an ascending channel. Higher highs and lower lows distinguish this price pattern. An ascending channel is formed by connecting the swing lows with a lower trend line and the swing highs with an upper channel line.

A breakout above an ascending channel may indicate that the upward trend will continue, whereas a breakdown below an ascending channel may indicate that the trend will change.

Currently, BNT trades in a range of $4.32. If the price breaks the trend line resistance level of $9.93 then it will lead to a further surge up to the $32.70 Level. If the trend reverses to the down side, then it will reach the support level at $2.38.

Bancor (BNT) RSI

The below chart shows the relative strength index (RSI) of BNT. 

BNT RSI (Source: TradingView)

As shown in the above chart, RSI remains at 72.17. This shows that BNT’s price is in an overbought state. This shows that traders have to trade carefully, however, major price reversal could take place.

Bancor (BNT) RVOL

The below chart shows the Relative Volume of BNT. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

BNT RVOL(Source: TradingView)

Currently, the RVOL of BNT lies below the cutoff line which represents the weaker participants in the current trend.

Bancor (BNT) Moving Average

Bancor’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

BNT MA (Source: TradingView)

Currently, BNT is in a bullish state. However, BNT price is closely above 50 MA (short-term), and it is now in between 50 MA and 200 MA. Possibly, BNT can also move above 200 MA (long-term) soon.

Once it moves above 200 MA level, it completely goes to a bullish state. Moreover, there is a high possibility of Trend reversal at any time.

Bancor (BNT) Price Comparison With Bitcoin

The below chart shows the price comparison between BNT and BTC. 

BNT vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and BNT is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of BNT also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the BNT platform. Bancor has a great future ahead in this crypto market. However, BNT can reach new heights.

Bullish BNT price prediction 2021 is $32.70. As mentioned above, it may reach great heights, however reaching $40 is also possible, if investors have decided that BNT is a good investment in 2021.

FAQ

What is Bancor?

Bancor is a decentralized financial platform that aims to provide liquidity to small- and micro-cap coins while also providing returns to liquidity providers.

Where can you purchase BNT?

BNT is listed on many cryptocurrency exchanges that include Binance, Tokocrypto, Huobi Global, OKEx, and FTX. 

Will BNT reach a new ATH soon?

With the ongoing developments and upgrades within the BNT platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.