Bancor (BNT) is an open-source protocol for building Smart Tokens that can hold any ERC20 token in any wallet. Smart Tokens are ERC20 compatible tokens that have a single reserve balance and an integrated smart contract that allow them to hold any ERC20 token in the Bancor Network. They have a built-in price discovery mechanism that uses a continuous token curve to calculate the price and reserve balance of each token in the Bancor Network. The built-in price mechanism in the Bancor protocol ensures that BNT is always equally as valuable as any other BNT token, at any time. No one can short BNT. No one can attack BNT. And no one can cancel bids on
Bancor is an ERC20 token that functions as a Smart Token, meaning that it can be used in as many smart contract blockchains as necessary. Currently its protocol can be used to convert between different tokens on the Ethereum blockchain.
We utilize historical data, price analysis, RVOL, MA, and other information about BNT to evaluate the cryptocurrency’s future trend in Technical Analysis of Bancor (BNT) for 2021.
The Bancor Network Token (BNT) is a cryptocurrency that powers the Bancor system. It describes itself as a “completely on-chain liquidity mechanism that can be deployed on any smart contract-enabled blockchain.”
Bancor is a decentralized financial platform with the goal of providing liquidity to tiny and micro-cap currencies while also paying liquidity providers. Bancor makes use of two token layers: BNT and ETHBNT, which assist with liquidity pools and functionality.
Current Market Situation for Bancor (BNT)
At the time of writing, the BNT price was trading at $4.32, with a 24-hour trading volume of $50,839,089, according to CoinGecko. BNT, on the other hand, has risen to 4.59 percent in the past 24 hours.
Furthermore, there are 232,408,601 BNT coins in circulation. Binance, Tokocrypto, Huobi Global, OKEx, and FTX are now trading BNT.
Bancor (BNT) Technical Analysis 2021
On CoinGecko, Bancor (BNT) is now ranked 94th. BNT may be pushed to new heights by current improvements and enhancements. Let’s take a closer look at the BNT technical analysis for 2021. The Bancor (BNT) daily time frame chart is given below.
Ascending Channel Trend Pattern in BNT/USDT (Source: Tradingview)
An ascending channel is defined as the price movement that occurs between two parallel upward sloping lines. This price pattern is defined by higher highs and lower lows. Connecting the swing lows with a lower trend line and the swing highs with an upper channel line forms an ascending channel.
A breakthrough above an ascending channel may signal that the rising trend will continue, while a breakdown below an ascending channel could signal that the trend will shift.
BNT is now trading in a $4.32 range. If the price breaks over the trend line resistance level of $9.93, it will continue to rise to $32.70. If the trend continues to the downside, the support level of $2.38 will be reached.
RSI for Bancor (BNT)
The relative strength index (RSI) of BNT is shown in the chart below.
The RSI is still at 72.17, as seen in the chart above. This indicates that the price of BNT is overbought. This demonstrates the need of traders trading cautiously, since a big price reversal may occur.
RVOL Bancor (BNT)
The Relative Volume of BNT is shown in the graph below. It’s a metric that shows traders how the current trading volume has evolved over time in comparison to the prior trading volume.
BNT’s RVOL is now below the cutoff line, indicating that it is one of the weaker players in the current trend.
Moving Average for Bancor (BNT)
The chart below depicts Bancor’s Moving Average (MA). MA aids traders in identifying patterns.
BNT is now in a bullish trend. However, the price of BNT has just risen above the 50-day moving average (short-term), and it is currently trading between the 50-day and 200-day moving averages. BNT may be able to rise over 200 MA (long-term) in the near future.
It fully changes to a bullish condition if it climbs over the 200 MA level. Furthermore, Trend reversal is a distinct possibility at any moment.
Bitcoin and Bancor (BNT) Price Comparison
The price comparison between BNT and BTC is shown in the graph below.
The trend of the BTC can be seen on the chart, and BNT is going in lockstep with the trend. This means that when the price of BTC rises or falls, the price of BNT rises or falls as well.
With the continuing improvements and updates to the BNT platform. In current crypto economy, Bancor has a bright future. BNT, on the other hand, has the potential to reach new heights.
The bullish price forecast for BNT in 2021 is $32.70. As previously said, it has the potential to reach tremendous heights, but it may also hit $40 if investors feel that BNT is a worthwhile investment in 2021.
What exactly is Bancor?
Bancor is a decentralized financial platform with the goal of providing liquidity to tiny and micro-cap currencies while also paying liquidity providers.
Where can you get your hands on some BNT?
Binance, Tokocrypto, Huobi Global, OKEx, and FTX are just a few of the cryptocurrency exchanges that have BNT listed.
Will BNT be able to set a new ATH in the near future?
With the BNT platform’s continuous improvements and enhancements, it has a good chance of achieving its ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
Bancor (BNT) is a decentralized token exchange that allows its users to hold any Ethereum based token in reserve and convert it to any other token in the network, with no counterparty risk. Bancor’s network uses liquid smart contracts to automatically calculate an exchange rate, which is calculated from the average price of the reserve tokens in the network, and the price of any one token that is being traded. With the Bancor protocol, any token can be quickly and effortlessly converted to any other token in an open market.. Read more about bancor network token price prediction 2021 and let us know what you think.
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