- The BNT crypto price has shown a sign of weakness since the price has retreated from a critical level on the chart.
- The Bancor asset is falling steadily and strongly as it declines below major 20 and 50-day EMA’s.
Bancor crypto is an asset consisting of a network of protocols that enables liquidity provision on the blockchain as well as decentralized and translucent trading on the blockchain.
Moreover, it mainly consists of several open-source elements that operate together to streamline the various aspects of the crypto market. the Bancor has two major core components, Carbon and Fast Lane.
Carbon is one of the major components of BNT crypto. It is a protocol that permits Bancor users to construct and enforce various custom trading strategies on-chain.
The Carbon protocol also encourages Bancor crypto users to place limit orders and range orders. These are conditional orders that execute only when specific price conditions are met.
Moreover, the Users of BNT crypto can also merge multiple orders to develop complex strategies, such as buying at low and selling at high automatically.
The other constituent of Bancor is the Fast Lane. It enables its users to arbitrage directly with ease between different protocols within the BNT crypto network and other external exchanges on the blockchain.
Fast Lane also benefits the Bancor crypto’s network by redirecting arbitrage returns back to the network, improving its liquidity and stability.
Can Bancor Crypto Price Plunge More?
The Bancor crypto asset has been on a very long consolidation phase but spiked in November 2023 from $0.50 to $1.95. However, the BNT price was unable to sustain gains and it plunged again.
The BNT price has shown a sign of weakness since it has retreated from a critical level on the charts.
Now, it seems like the BNT is set for a dismal plunge, as it fails to break the resistance level and sinks to new lows from the current support zone.
Furthermore, the Bancor asset is falling steadily and strongly as it declines below major 20 and 50-day EMAs, indicating a strong bearish weakness. If it plunges more, it might conquer supporting EMAs as well.
The BNT asset is in a strong downtrend and the RSI and MACD show no signs of oversold conditions, suggesting that the asset has more room to fall.
The BNT crypto asset is showing bearish traits and can lose more value. It has demonstrated poor performance in the past week and months, by 14.40% and 10.01% respectively, indicating a reliable downward trend.
The BNT current market price is $0.6930 with a last intraday decline of 2.49%.
Therefore, if BNT fails to manage the current level, it might slip back to the $0.50 level and might go beyond depending on the seller’s surge in the market.
On the flip side, if the demand for the BNT increases sensationally, the crypto price could bounce back from the current level. The next goal for the BNT price would be to reach $1.00.
Summary
The BNT crypto asset is showing bearish traits and can lose more value. It has demonstrated poor performance in the past week and months by 14.40% and 10.01% respectively, indicating a reliable downward trend.
Therefore, if BNT crypto fails to manage the current level then it might slip back to the $0.50 level and might go beyond depending on the seller’s surge in the market.
Technical Levels
Support Levels: $0.50
Resistance Levels: $1.00
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.