Whales Pounce on Bancor (BNT) After Seeing it Spike by +70% Within a Day

Bits Logics Team . 09th Oct 2023
  • Santiment reported that Bancor (BNT) has spiked by more than +71%
  • BNT recorded the highest number of active addresses in a day 797. 
  • BNT may fluctuate ricocheting off $0.47 and $0.39 for some time.

Market Intelligence Platform, Santiment tweeted that Bancor (BNT) spiked up by +70% during the last 24 hours. Citing reasons for this massive spike, the platform stated that 157 new addresses have been created within a single day. This is the highest since August 9, 2023. Upon spotting this immense spike, it could be noted that the whale activity has increased.

As such, there were 797 active addresses for BNT, the highest since December 2021. When looking at the weekly chart for BNT, it could be seen that BNT was trading below the opening market price until yesterday
BNT/USD 1-Week Chart (Source: CoinMarketCap)

However, with the dawn of today, there has been a surge in prices. The token rose from as low as $0.3953 to $0.6038. During its rise, it recorded a weekly high of $0.6752. At press time, BNT has a trading volume of $299,758,965  an increase of 1820% within the last 24 hours.

BNT/USDT 1-Day Chart (Source: Tradingview)

The above chart shows that BNT has gone above the upper Bollinger band and it is due for a retracement. Hence, if the BNT abides by the laws of the Bollinger band, it has a 95% chance of retracing back as per the two standard deviation probability. Hence, if the above-stated thesis is validated, then, BNT may gradually fall and seek support at $0.47.

However, there is more selling and buying happening around $0.57. Hence, there is a chance that if the buyers are more than the seller, BNT could consolidate. But if the support at $0.47 is not strong, BNT may penetrate and fall below. 

In the event that the $0.47 is breached, then, BNT may seek support from the $0.39 support level. After it reaches this support, BNT could keep consolidating while rebounding off of the upper and upper level of $0.47 and a lower level of $0.39 for sometime before it spikes. 

Nonetheless, if more and more whales keep entering the market, then this uptrend will continue and BNT has the potential to reach $0.75 in the future.     

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.