The crypto industry has experienced a slow weekend as the market moved sideways. Bitcoin and other altcoins continue to gain stability, but on the other hand, BNT price has experienced a massive surge in its value, making it the top gainer of the weekend in the crypto space.
The launch of the ARB Fast-lane protocol, which facilitates users to arbitrage between BNT and other DEX’s, has played a significant role in the Bancor price jump recently.
Further, a whale activity was recorded as a crypto wallet from Upbit, a South Korean cryptocurrency exchange, which purchased 4.71 Million BNT tokens worth approximately $2.54 Million, resulting in the price gaining over 40% in the past day.
The price was seen trading in a consolidated range for more than one month, after which the price experienced a massive surge in value. Following the Golden Cross, the BNT price took a significant jump in its value but has displayed a spinning top candle, giving us the possibility of a trend reversal soon.
The MACD displays a decline in its green histogram, indicating a decrease in the buying and selling power. Further, the coin displayed a constant flatline for almost a month before the surge, indicating the possibility of a significant price action soon, which could result in either side.
If the coin breaks out of the resistance level at $0.6142, then the BNT price will regain momentum and prepare itself to make a run and test its upper resistance of $0.6974.
Further, if the coin witnesses another whale activity, then the price will continue to rise and head toward its resistance of $0.80 in the coming time.
On the contrary, if the bears take control over the market, then the coin will lose momentum, resulting in a price plunge. Moreover, if the bulls fail to hold the price above $0.5473, then the price will continue to dip and test its lower resistance of $0.4908. Moreover, if the market witnesses a short selling, the price may plunge and retest its support level of $0.4230.
Source: https://coinpedia.org/price-analysis/why-bnt-price-surged-more-than-50-despite-weekend-crypto-lull-heres-are-top-reasons/