Bancor (BNT), which has achieved a 75 percent increase in the last two days, has been on the agenda of the crypto market.
Decentralized platform Bancor achieved a rise that marked the weekend. Bancor experienced a 52 percent increase in the past day. Although BNT started to fall at the close of the day at 03:00, it lit the fuse again in the morning. BNT achieved a 76 percent increase in two days with the upward needle it shot after the closing candle.
Continuing its rise that started on Sunday, BNT signed a price chart that increased from $ 0.3945 to $ 0.6969.
Why is Bancor (BNT) rising?
The cryptocurrency market appeared quite stagnant last weekend. Price volatility was recorded at its lowest level in Bitcoin and many altcoins. However, BNT separated from the market and experienced a remarkable rise. BNT hosted a total increase of 76 percent in the last two days.
The launch of the ARB Fast-lane protocol played an important role in the increase in the BNT price. This protocol enables users to arbitrage between other decentralized exchanges via BNT.
On the other hand, the activities reflected in the wallets of South Korea-based crypto exchange Upbit also increased the BNT price. In these activities, whale activities were seen in Upbit wallets. The Whales purchased $2.54 million worth of BNT. After the purchase, the BNT price instantly increased by nearly 50 percent the other day.
A possible price correction is on the table for BNT, which has achieved a great rise. If this happens, the $0.550 support zone may operate for BNT. If this support point is broken, BNT may experience a pullback to $0.45.
If the rise continues, $0.6969, which has become an important resistance point for BNT, must be overcome. If this region is exceeded, the resistance point in the $ 0.80 band may act as a difficult region to overcome.
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