The cryptocurrency industry experienced a slow weekend as markets traded sideways. Bitcoin and other altcoins continue to remain stable, but on the other hand, BNT price experienced a significant increase, making it the biggest gainer in the cryptocurrency space over the weekend.
The launch of the ARB Fast-lane protocol makes it easier for users to arbitrage between BNT and other DEXs, and has played an important role in the recent increase in Bancor prices.
Additionally, South Korean cryptocurrency exchange Upbit’s crypto wallet recorded whale activity, with the wallet purchasing 4.71 million BNT tokens worth approximately $2.54 million, causing the price to increase by more than 40% in the past day.
The price had been trading in a consolidation range for more than a month, after which the price experienced a sharp increase. After the golden cross, the BNT price increased significantly but presented a spinning top candle, which brings us the possibility of a trend reversal soon.
The green bar chart of MACD shows a decline, indicating a decrease in buying and selling power. Moreover, for nearly a month before the surge, the coin showed a constant flat line, indicating that a major price movement could soon occur, which could lead to either side.
If the coin breaks out of the $0.6142 resistance, the BNT price will regain momentum and will be ready to move up and test its overhead resistance at $0.6974.
Moreover, if the coin witnesses another whale activity, then the price will continue to rise and move towards the $0.80 resistance level in the coming time.
On the contrary, if the bears take control of the market, then the coin will lose momentum, resulting in a price crash. Moreover, if the bulls fail to sustain the price above $0.5473, then the price will continue to decline and test its lower resistance at $0.4908. Moreover, if there is short selling in the market, the price might crash and retest the $0.4230 support.
