BANCOR ANALYSIS: JULY, 2021
Bancor token is used on the Bancor platform. It enables users to swap different tokens on the blockchain protocol instead of exchanges. Here’s the price analysis of Bancor.
Bancor is trading at $3.19. It has given a breakdown of the rising wedge pattern on the 3-hour chart. A rising wedge is essentially a bearish pattern.
Moreover, it is trading quite below its 200-day exponential moving average. It is also facing immediate resistance from its 50-day exponential moving average. This implies that the long term as well as short term trend of the coin is bearish.
The bearish volumes are higher than average whereas the bullish volumes are next to negligible.
A close below the trendline would confirm the continuation of the bearish trend. The coin can only see stability if it closes above the lower trendline.
The Relative Strength Index is showing weakness for the coin in the upcoming days. It has given a sharp negative divergence below the neutral region. Currently placed at 42.37, it has the potential to go lower.
The MACD has crossed below the signal line, giving a ‘sell’ call to investors.
Both indicators are hinting at a possible bearish trend in the coming weeks.
If Bancor successfully closes below the trendline, targets on the downside are placed at $3.07 and $2.83.
However, if the bulls manage to drive the price above the lower trendline, targets would be placed at $3.32 and $3.46 on the upside.
THETA ANALYSIS: JULY, 2021
THETA is a cryptocurrency which powers the Theta Network. Here’s the analysis of THETA.
It is currently trading at $6.05, dangerously close to its support zone. The support zone exists between the range of $5.01 to $5.93. The coin has bounced from the said zone several times and maintained a sideways trend since a few weeks.
However, the chances of it taking support from the said zone looks bleak as the bearish volumes are constantly rising.
It is trading and sustaining below its 50-day and 200-day exponential moving average. Not only that but it faces constant short-term resistance from the latter.
Until the coin closes and sustains above its 200-day exponential moving average, a sideways to negative bias should be maintained for the coin.
The RSI is facing constant rejection from its upper trendline. It has given three negative divergences recently indicating heavy weakness for the coin ahead. It is near the oversold region at 37.19.
The MACD is also sustaining below the signal line, giving a ‘sell’ call to investors.
Both indicators hint at a possible breakdown of the support zone mentioned above.
On the breakdown and close below the level of $5.05, targets on the downside are placed at $4.42 and $3.00.
Price strength can only be witnessed if THETA closes above $7.78. In that situation, targets on the upside are placed at $9.62 and $10.07.
These targets can only be achieved if bullish volumes are seen near the support as well as support from the 200-day exponential moving average.
Until then, investors are recommended to avoid any long positions.
GAS ANALYSIS: JULY, 2021
Gas coin is closely interrelated to the NEO network. The development of Gas token is somewhat dependent on NEO. Here’s the analysis of Gas.
It is currently trading at $6.23, near the resistance zone of the ascending triangle formation on the 4-hour chart. The ascending triangle pattern is essentially a bullish pattern.
The bullish trend of the coin is confirmed by the sudden surge in volumes on three occasions recently as marked on the chart.
These volumes are more than five times the average volumes. It may imply that large institutions may be buying this coin.
Moreover, it is taking support from its 50-day exponential moving average. The medium-term trend of the coin is bullish due to this.
The Relative Strength Index has given a positive divergence from the neutral region. It currently stands at 54.63, showing price strength for the coin in the coming weeks.
The MACD, however, is below the signal line, giving a ‘sell’ call to investors. Nevertheless, a bullish view is expected for the coin as the RSI and the charts are showing strength.
On the breakout and close above the level of $6.72, Gas could head towards the targets of $7.04 and $8.22 on the upside.
However, if it faces a rejection from the mentioned resistance zone, targets on the downside are placed at $5.66 and $4.82.
Investors must wait for a closing above the resistance before creating fresh long positions.