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Bancor (BNT) price surges over 50% on Upbit’s massive accumulation

By:
on Oct 9, 2023
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  • Bancor's impressive price surge is fueld by whale accumulation.
  • At press time, BNT token was trading at about $0.61.
  • Today, the Bancor (BNT) price has hit a daily high of $0.6906.

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In the midst of a relatively stagnant weekend for the cryptocurrency market, Bancor (BNT) has emerged as a standout performer, with its price surging by more than 50%.

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BNT price chart

This remarkable price rally can be attributed to significant developments within the Bancor ecosystem and notable crypto whale accumulation.

Upbit’s BNT whale accumulation

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Upbit, South Korea’s largest cryptocurrency exchange, has been a key catalyst in Bancor’s recent price surge.

A cryptocurrency wallet, believed to be linked to Upbit, strategically accumulated a substantial 4.71 million BNT tokens in less than 12 hours, equivalent to approximately $2.54 million, which represents a remarkable 3.3% of the entire BNT token supply.

The accumulation activity sent ripples throughout the market, causing BNT’s price to catapult from $0.39 to $0.56. Alongside the price surge, the total transaction volume of the Bancor token experienced a staggering 5100% increase.

In most cases, whales accumulate tokens to take advantage of an impending price surge.

Bancor (BNT) price analysis and price prospects

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Prior to the current price surge, Bancor’s price had traded within a consolidating range for over a month. However, the token price has already formed a Golden Cross, a bullish technical pattern where a short-term moving average crosses above a long-term moving average, marking a positive trend reversal.

Bancor (BNT) price analysis

But while on there are all signs of a bullish trend, it is important to take note of the spinning top candle that has also appeared, suggesting the potential for a trend reversal.

As the BNT price hovers around $0.6142 resistance, it has the opportunity to regain momentum and target the upper resistance at $0.6974. Further bullish momentum could drive the price toward the $0.80 level.

Nevertheless, the market remains susceptible to bearish forces. A failure to maintain support above $0.5473 may result in a price dip, with potential tests of lower support levels at $0.4908 and $0.4230. Additionally, short selling in the market could lead to price declines.

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