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BFC price is trading is very under volatile conditions - 2
BFC price is currently taking support from the 200 EMA
BFC price is currently trading at $0.079 with a change in 24-hour trading volume of -48%. Bifrost is up 0.57% in the last 24 hours. The Bifrost is a multichain middleware platform that is run by Pilab Technology, a South Korean VC which specialises in blockchain services. It allows users to create Decentralised applications (Dapps) on top of multiple protocols. The BFC token is the currency of the Bifrost multi chain ecosystem. Users use BFC to operate Bifrost more specifically, they are required to stake a certain amount of BFC and the fee is then deducted from it.
BFC price taking resistance from its current levels.
The overall market sentiment is currently at the neutral level at point 52 according to the site alternative (dot) me site which measures the market sentiments from different sources while the buyers are currently overpowering the sellers in the market. The price action of BFC token is giving positive signals by giving a bullish engulfing candlestick pattern.
Technical Analysis ( 1 Day Timeframe)
After giving a golden crossover the BFC price is currently trading on a bull trend on a daily time frame. While also taking support from the 20 EMA and moving above all the other major key averages including the 200 EMA. Its next support level is just below its recent support, the 50 EMA.
BFC price is currently taking support from the price of $0.076 while trading above its major support which is around the price of $0.070 while its current resistance is around the price of $0.085 and its next resistance is around the price of $0.0900
The RSI indicator is trading around level 56.50 above its median line while taking support from the 14 SMA which is trading around level 51.98. The RSI curve is suggesting that after taking a small correction the RSI line will soon start moving toward the oversold levels.
Conclusion
The BFC price is currently trading in a bull trend after its recent bear run. While the overall market sentiments are neutral, regarding the BFC token, the sentiments are taking a bullish trend. The BFC price is taking support from 20 EMA after which it can give a bullish move of 15%. If the price crosses above its current resistance.
Technical levels –
Support – $0.070 and $0.076
Resistance – $0.070 and $0.0900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/26/bfc-price-analysis-will-bfc-price-cross-above-the-0-10000-level/