Bancor (BNT) Price Targets 50% Jump with Strong Bullish Momentum

Key Takeaways

• Bancor (BNT) has followed a support trend line for 798 days.
• The BNT price has created a bullish double-bottom pattern.
• Can Bancor confirm the double bottom and break out?
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Bancor has fallen considerably since its $2.02 high in November 2023, creating successive lower highs.

However, the BNT price trades above the lows of Feb. 3 and Feb. 25 crypto market liquidations events.

Additionally, the price has created a bullish pattern, indicating a breakout could be in store.

With that in mind, the main question is whether the BNT price can confirm its bullish pattern and break out or if new lows are likely instead.

Bancor Price Reaches Support

The weekly time frame chart shows that BNT has increased alongside an ascending support trend line for the past 798 days.

A bounce at this trend line led to the cycle high of $2.02 in November 2023. However, the price has fallen since, creating two lower highs (red icons) and returning to the trend line

Even though the BNT price still trades above support, it has fallen below the $0.65 horizontal area, confirming it as resistance. This points to a bearish long-term trend.

Technical indicators also lean bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both falling and have crossed into bearish territory below 50 and 0, respectively (black circles). The MACD has also made a bearish cross.

The weekly time frame suggests an eventual breakdown from the trend line is likely. Doing so could take the BNT price to new all-time lows.

Possible BNT Price Bounce?

While the weekly time frame leans bearish, the daily one offers hope for a potential bounce, at least in the short term. There are three main reasons for this.

Firstly, the BNT price has created a double bottom pattern between Feb. 3 and Feb. 25. The double bottom is considered bullish and combined with bullish divergences (orange) in the RSI and MACD.

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Secondly, the price trades in the upper portion of a descending parallel channel. These channels usually contain corrections, and the fact that BNT is above its midline makes a breakout even more likely.

Finally, the price movement shows a completed W-X-Y correction, where waves W and Y had the same length.

When combined, these signs point to an impending breakout from the channel. If that happens, the main resistance will be $0.65-$0.71.

This horizontal and Fibonacci resistance aligns with the previously outlined long-term resistance.

Once the price gets there, the reaction can help determine if the future trend will be bullish or bearish.

Because of the bearish long-term readings, a rejection and new lows are slightly more likely.

Bounce Before Breakdown

While the BNT price has created a bullish short-term pattern, which could lead to a temporary breakout, the long-term trend remains bearish.

A breakdown from the long-term support is the most likely outlook unless the price closes above $0.65.