The price of Bancor (BNT) has experienced a remarkable surge of more than 50%. This surge is attributed to several stirring developments in the Bancor ecosystem and notorious accumulation of crypto whales. Upbit, South Korea’s topmost cryptocurrency exchange, has been the primary impetus of Bancor’s recent surge. A cryptowallet associated with Upbit availed an inconceivable 4.71 million BNT tokens, amounting to roughly $2.54 million, in a span of less than 12 hours. This acquisition constitutes an impressive 3.3% of the entire BNT token supply. A consequence of this gathering, the price of BNT surged from $0.39 to $0.56 and the entire transaction volume of BNT experienced a humongous 5100% increase. Generally, whales amass tokens in expectations that it'll induce an impending price uptick. Before the current surge, Bancor had been trading within a confined range for about a month. With the current surge, BNT has formed a Golden Cross, which is a bullish technical exemplar where a short-term moving average overlies a long-term moving average, indicating a positive trend reversal.

However, a spinning top candle is also present, implying the potential for a shift in direction. As the BNT price wavers around the $0.6142 resistance, there is potential for it to refurbish its progress and target an upper resistance of $0.6974. If the market persists on a surging trend, the price might even climb as far as $0.80. Despite these bullish speculations, the market is still vulnerable to bearish pressures.

If the support fails to remain above $0.5473, it may possibly result in a price dip. This might cause the price to test lower support levels at $0.4908 and $0.4230. What’s more, short selling in the market has the potency to drag the price down. The outcome of any of these factors, on their own or simultaneous, could determine the capacity of the Bancor token to stay afloat or sink.



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