- Bullish BNT price prediction ranges from $6.9 to $9.8.
- BNT bearish market price prediction for 2021 is $1.87.
This Bancor Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into account upon coming up with our BNT price analysis and prediction.
There are many cryptos that spiked to a new all-time during this 2021 bull run. In contrast, some crypto also faced a downtrend position. As a result, many crypto traders are worried about whether it is time to hold or sell their crypto. This is also the same case that traders are experiencing in BNT.
Nevertheless, the crypto market is consolidating lately, and many cryptocurrencies are losing their previous profits. Will BNT experience the same price volatility? We’ll find out shortly in this BNT price analysis 2021 article. But first, let’s have a look at what BNT is.
What Is Bancor (BNT)?
Bancor consists of an array of smart contracts that manage the on-chain exchange of tokens. Moreover, the protocol develops an effortless and fast change token without needing to go through an exchange. In addition, the protocol’s smart contracts handle the liquidity pools that combine different tokens present in the network.
More so, the major token utilized on the network is the “Bancor Network Token,” BNT. Presently, Bancor and Uniswap are the frontrunners for this new trend of DeFi.
Now that we have an idea about BNT, do you think BNT will be profitable crypto in 2021? Join me and let us see the charts in this BNT price prediction.
BNT Current Market Status
As of the time of writing this Bancor technical analysis, BNT trades at $4.13 with a 24-hour trading volume of $53,879,243. The price of BNT has increased by 4.6% in the last 24 hours.
Furthermore, BNT has a current circulating supply of 209,854,419.62 BNT. Currently, the top crypto asset trading platforms for BNT are Binance, Huobi Global, OKEx, CoinTiger, and FTX.
Now, let’s proceed to the next part of this BNT technical analysis for 2021.
Bancor Price Prediction 2021
Recently, BNT held 86th place on CoinGecko. But will the recent upgrades and changes in the blockchain help the digital asset price to reach higher? Let’s proceed to the charts in this BNT price prediction article.
Over the last few months, the chart above shows an ascending channel trend pattern. It is also said to be a rising channel pattern. In this pattern, investors can buy near the bottom of the channel. More so, this pattern took six months for the formation to take place.
In this scenario of our BNT price prediction 2021, BNT has to break past the Fib retracement level at $9.8. To do this, it has to establish more support at the Fib level at $3.5. If not, bears may gain the upper hand and drag BNT further to their territory.
As shown above, at the beginning of this period, BNT turned from a bearish trend to bullish. This is a result of the many trading volumes in that period. Moreover, in the smaller time frame, BNT showed a descending channel pattern. This pattern is discussed at the end of the article.
TheRelative Strength Index (RSI) is at 43, which means that BNT is in a nearly oversold state. However, traders can trade safely without any fear.
Therefore, crypto traders must trade wisely and must not be disturbed by the crypto market hype. With this in mind, traders must trade carefully to avoid unexpected losses due to the crypto market’s wild swings.
Since the start of 2021, BNT’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by consolidation, fluctuations, and corrections right away. Taking this into consideration, BNT has a competitive market this 2021.
Bancor Price Prediction Chart Showing Descending Channel Pattern
As shown below in this BNT price forecast chart, in a smaller time frame, BNT has shown a Descending Channel Pattern.
The smaller time frame in the chart above shows the Descending Channel pattern. Descending channel patterns are short-term bearish in that a crypto moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns.
In the short-to-mid term scenario of our BNT price prediction 2021, BNT has to break past the Fib retracement level. To do this, it has to establish more support at the Fib level. If not, bears may gain the upper hand and drag BNT further to their territory.
Conclusion
BNT seems to have a great future ahead in 2021. With the ongoing developments happening within the BNT ecosystem, as well as in the overall crypto market, we may see BNT reach new heights.
Meanwhile, our long-term BNT price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $10 this year. However, that will only take place if it breaks the past number of psychological resistances.
Even more, the bullish BNT price prediction in 2021 is $9.8k. It may even reach $20 if investors continue to side with BNT this year.
FAQ
Users can obtain BNT tokens by purchasing them from cryptocurrency exchanges such as Binance or Huobi Global.
BNT is the best crypto asset to invest in 2021. Best of all, BNT has a high possibility of surpassing its current ATH at about $10 this year.
Yes, it’s very much possible that BNT might reach $20 in the near future as per the current bullish trend.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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