Key Takeaways
The BNKR crypto listing on Coinbase on the 30th of July spurred sizeable gains, but a retracement was underway. The holder data was not promising for long-term investors, but traders might find profitable trades at the $0.0008 level.
BankrCoin [BNKR] has retraced 27.8% in the past ten hours, falling to $0.000823 from its all-time high of $0.00113.
The AI agent token has a market cap of $83 million and a daily trading volume of $39 million, according to CoinMarketCap data.
The Coinbase listing on the 30th of July helped the token reach a $100 million market cap.
This recognition by a top-tier centralized exchange has spurred short-term bullish sentiment. Can this sentiment last? Or will BNKR crypto crash in the coming days?
Can BankrCoin resume its uptrend?
Source: Nansen
BNKR crypto is the utility token for the AI-powered trading agent Bankr. Nansen data showed that over the past seven days, the exchange balances of BNKR have increased by 44.6%. This was a worrisome sign.
Moreover, the distribution score was extremely low. The top 100 holders possess 56% of the supply, making BNKR highly vulnerable to price volatility.
Together, these two factors could be a big worry for investors.
Source: CoinMarketCap
Traders need not have any such fears. Scalp traders might be interested in the token as it approached a key support zone. The news of its Coinbase listing has had a bullish effect and that effect was receding.
The 61.8% retracement level at $0.0008 has confluence with the bullish order block from the 31st of July. The OBV maintained its uptrend, and selling volume was not high in recent hours.
However, the RSI dipped below neutral 50, at press time, an early sign of a bearish shift in momentum.
Traders can wait for the BNKR crypto price reaction at the $0.0008 region. Increased buying volume and a bounce above $0.00088 would indicate an uptrend was beginning in the short-term.
On the other hand, a drop below $0.0008-$0.00073 would be a bearish market structure shift.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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