InstaForex

July 6, 2021

Bancor - Leading the New Wave of Decentralized Financial System

 Bancor is a blockchain protocol and consists of a series of smart contracts that manage online token exchanges.


This protocol makes it easy and fast as well as allows users to exchange different virtual currency tokens directly and instantly rather than exchanging them at a cryptocurrency exchange such as Coinbase.


Bancor is an in -chain liquidity protocol that enables automated and decentralized exchanges in Ethereum.


In addition, Bancor and Uniwap are leading the new wave of decentralized financial systems.


The protocol was developed in 2017 by Eyal Hertzog, Galia Benartzi and Guy Benartzi.


The name Bancor was chosen in honor of John Maynard Keynes who created ‘Bancor’ as the name for the supra-national reserve currency in 1944.


Looking at the BNT/USDT chart, the BNT price movement seems to have once exhibited a spike of over 600% before returning to decline to test the $ 2.80 support level.



However, at the end of the June market, the BNT price was seen to have managed to make a 20% increase to re -test the SBR (support become resistance) level around $ 3.50.


But the price movement did not succeed in breaking the SBR level of $ 3.50 when the BNT price retested the RBS (resistance become support) zone of $ 3.0- $ 3.20 to make the latest Higher Low (HL).


If the BNT price continues to maintain the bullish trend, the price is expected to retest the SBR level of $ 3.50 before expecting to head to the next SBR level around $ 3.90.


Meanwhile, if the BNT price movement declines again, the price is expected to break the RBS $ 3.0- $ 3.20 zone to test the $ 2.80 support level again.


As of 11.30am local time, the price of BNT jumped more than 3% to trade above the price level of around $ 3.30.