Bancor consists of a series of smart contracts that manage the on-chain token conversion. The protocol allows you to easily and quickly convert tokens without the need for an exchange. In turn, the protocol’s smart contracts manage liquidity pools that link the various tokens available on the network.
The core token utilized on the network is the Bancor Network Token (BNT). Bancor and Uniswap are currently leading the way in this emerging DeFi trend.
Thanks to all this the Bancor Network token price mooned to $80 in 2021. But what’s with the Bancor Network price now?
Actual Bancor Network coin price chart
At the time of writing, BNT to USD is trading at the 0.47 point on a 24-hour trading volume of $15,508,572. The Bancor Network live price chart is up 7% in the last 24 hours.
The digital asset also has 229,535,638.24 BNT in circulation. The top cryptocurrency exchanges where you can check the Bancor Network price now are:
- Huobi Global,
Why is the Bancor Network token price that low?
Based on the chart above, the Bancor Network price charts are positioning themselves along with the raging bears. Today, BNT USD is trading at $0.47. We can also see that the Bancor Network live price chart has completed a Down Channel pattern recently.
A descending channel is a price movement that occurs in a downward direction through a descending parallel line.
Moreover, the Bancor Network coin price chart shows the lower highs and lower lows that make up this price pattern. It is worth noting that this pattern represents a long-term bearish BNT to USD trend.
The Bancor Network coin news are gearing up for a possible bullish rally in the coming months. If this happens, the cryptocurrency could break out of its resistance level and reach a bullish price. Of course, this scenario is most likely if the bull market starts to favor Bancor Network price charts.
Bancor Network price prediction for the coming years
If the bullish trend starts, BNT will hit $15 by the end of 2022. Moreover, the first half of 2023 will show rapid growth – up to $20. Then this growth will slow down, but no serious drops are expected. With ongoing partnerships, developments, and positive Bancor Network coin news, reaching $15 is quite optimistic, but still achievable in the near future.
If the BNT USD rate holds the support level near the 200-MA, the long-term moving average, experts will have enough time to adjust their Bancor Network price prediction more