Bancor, one of the top DeFi platforms, is an on-chain liquidity protocol and it is all set to welcome the Bancor v2.1 upgrade. In addition to that, it will offer liquidity protection and single-sided exposure to AMM pools through Elastic BNT Supply.
Announcing Bancor governance & the Bancor v2.1 upgrade!
🛡 v2.1 brings impermanent loss protection & single-sided exposure to AMMs
💧 60+ initial ERC20 pools are protected
🗳 Staking in protected pools generates $vBNT, Bancor's gov token
— Bancor (@Bancor) October 12, 2020
Moreover, yesterday, Bancor price had gained over 12% in 24 hours and was marked as the Coin of the Day dated October 13, 2020, as per LunarCRUSH Social Listening for Cryptocurrencies. With this, the social engagement has amplified by over 259% increment in social mentions with major contributors recorded over the past day.
Bancor is Coin of the Day for October 13, 2020
24-Hour $bnt Highlights
Price $1.33 +12.61%
535 social post mentions +259.06%
955,380 social post engagements +899.55%
22 average hourly social contributors +266.67%https://t.co/whZfTUA5Ng @Bancor #bancor pic.twitter.com/zph2p0gbwb
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) October 13, 2020
Bancor Price Analysis
Bancor was seen hitting a fresh YTD high in August above $2.5 at $2.78, just when the market’s major altcoins were seen spurring too. However, following the market sentiment, the BNT price dipped from the YTD high to hit the lowest of the past ten weeks at $0.71 to retest 3-month support.
However, with an amplifying momentum in the market, Bancor has also been one of the top gainers, and with a bullish candlestick, it is hitting the upper 20-day Bollinger Band and currently trades at $1.31. With this, the coin is holding complete support from 50-day and 200-day MA at $1.18 and $1.00, respectively.
The MACD indicator also confirms the positive crossover, and the MACD line crosses above the signal line with a moderate inclination. The RSI is inclined towards the overbought zone and lies at 57.58.