Bancor, a blockchain-based decentralized exchange based on Ethereum, is designed by several smart contracts. The price front of this DeFi based token lacks momentum as per the sluggish market movement since the initial week.
BNT/USD, at the press time, was seen trading at $1.143, and after having breached the 2-year resistance against the US Dollar, the Bancor price pulled back consistently. In this regard, the token reclaimed 10-week support and retested lows below $1.0.
Bancor Price Analysis
Bancor, at the time of penning down this analysis, was seen trading at $1.14 after a gradual downside correction from the 2-year high marked above $2.5 at $2.8 in the 1st week of the previous month. It was in the previous month when the BNT/USD price trend breached the upper 20-day Bollinger Band, and now, after losing around 66% against the greenback, Bancor breached the 20-day lower Bollinger Band.
It was in the previous year when the token was seen trading with a flattish trend below the $1.0 price area. The 20-day Bollinger Bands are seen trading with moderate volatility on the daily chart as per moderately widened bands. The MACD chart of the token draws a bearish divergence due to intraday loss of momentum. The RSI of BNT token is inclined towards the major support due to decreased demand and is lying at 41.68.