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Bancor Breakout Analysis – BNT Performing Active Uptrend with +29% Gains in a Day
Bancor is trading in active uptrend here like many other Altcoins. The Cryptocurrency Bancor BNT just went up +29% in a single day and surges over +32% in a week.
What is Bancor?
Bancor is an on-chain liquidity protocol that enables automated, decentralized exchange on Ethereum and across blockchains. The protocol is made up of a series of smart contracts that are designed to pool liquidity and perform peer-to-contract trades in a single transaction with no counterparty. Users stake BNT in automated market makers in exchange for trading fees, BNT staking rewards, and voting rights in the Bancor DAO. Bancor has processed more than $2 billion in trade volume across thousands of tokens, with millions in fees generated by stakers.
Bancor Quick Stats
| SYMBOL: | BNT |
| Global rank: | 93 |
| Market cap: | $164,380,611 AUD |
| Current price: | $1.77 AUD |
| All time high price: | $13.31 AUD |
| 1 day: | +29.79% |
| 7 day: | +32.04% |
| 1 year: | +419.44% |
Bancor Price Analysis
At the time of writing, Bancor is ranked 93rd cryptocurrency globally and the current price is $1.77 AUD. This is a +32.04% increase since 9th December 2020 (7 days ago) as shown in the chart below.
If we see the above 2-hour candle chart, BNT just bounced back from its support levels of $0.91 AUD and took a strong breakout from Descending Triangle within the next resistance which was at $1.25 AUD. The blue line is acting as a support level for this Descending triangle trend.
“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows”
What do the technical indicators say?
The BNT TradingView indicators (on the 1 day) mainly indicate BNT as a buy, except the Oscillators which indicate BNT as a neutral.
So Why did BNT Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent news of BNT Liquidity Mining Rewards.
Recent BNT News & Events:
- 04 August 2020 – BNT AMA in LEND Telegram
- 28 August 2020 – SmartCon
- 18 October 2020 – Bancor V2.1 Voting Ends
- 14 December 2020 – BNT Liquidity Mining Rewards.
Where to Buy or Trade BNT?
Bancor has the highest liquidity on Binance Exchange so that would help for trading BNT/USDT or BNT/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
