The crypto industry has experienced a slow weekend as the market moved sideways. Bitcoin and other altcoins continue to gain stability, but on the other hand, BNT price has experienced a massive surge in its value, making it the top gainer of the weekend in the crypto space.
The launch of the ARB Fast-lane protocol, which facilitates users to arbitrage between BNT and other DEX’s, has played a significant role in the Bancor price jump recently.
Further, a whale activity was recorded as a crypto wallet from Upbit, a South Korean cryptocurrency exchange, which purchased 4.71 Million BNT tokens worth approximately $2.54 Million, resulting in the price gaining over 40% in the past day.
The price was seen trading in a consolidated range for more than one month, after which the price experienced a massive surge in value. Following the Golden Cross, the BNT price took a significant jump in its value but has displayed a spinning top candle, giving us the possibility of a trend reversal soon.
The MACD displays a decline in its green histogram, indicating a decrease in the buying and selling power. Further, the coin displayed a constant flatline for almost a month before the surge, indicating the possibility of a significant price action soon, which could result in either side.
If the coin breaks out of the resistance level at $0.6142, then the BNT price will regain momentum and prepare itself to make a run and test its upper resistance of $0.6974.
Further, if the coin witnesses another whale activity, then the price will continue to rise and head toward its resistance of $0.80 in the coming time.
On the contrary, if the bears take control over the market, then the coin will lose momentum, resulting in a price plunge. Moreover, if the bulls fail to hold the price above $0.5473, then the price will continue to dip and test its lower resistance of $0.4908. Moreover, if the market witnesses a short selling, the price may plunge and retest its support level of $0.4230.
A popular crypto trader has made headlines after revealing he earned a 600% profit on…
The U.S. Securities and Exchange Commission (SEC) has charged New York-based Unicoin Inc. and several…
XRP’s price action has been a mix of ups and downs lately, with analysts closely…
The Chainlink integrations have experienced a sharp increase in the recent past including the Solana…
The supply of Bitcoin on crypto exchanges has dropped to the lowest point since November…
The Bancor Protocol seeks compensation from Uniswap Labs for using its licensed technology for the…
