The cryptocurrency market recovered strongly over the past 24 hours, as major coins and tokens regained ground after recent losses.
Last week the crypto market experienced significant declines, wiping billions of dollars off the value of major digital assets. The total market capitalization fell below the $1 trillion threshold for the first time this year.
Despite that downturn, the market rebounded over the weekend. In the last 24 hours the crypto market has climbed more than 8%, bringing the total market cap to roughly $900 billion.
Bitcoin, the leading cryptocurrency, has moved back above $20,000 after dipping toward the $17,000 support level a few days earlier. Ether also recovered, holding above $1,100 after gaining over 9% in the past day.
BNT, the native token of the Bancor protocol, is lagging behind the broader market. BNT rose about 2% in the last 24 hours, underperforming the overall market average.
This weaker performance follows a statement from the Bancor team announcing a temporary pause of Impermanent Loss (IL) Protection due to volatile market conditions. The team clarified that withdrawals executed during this period will not be eligible for IL protection, which likely contributed to reduced buying pressure for BNT.
Key levels to watch
On the BNT/USD 4-hour chart, the outlook remains cautious despite the recent price uptick.
The MACD remains below the neutral zone, signaling that the short-term trend is still biased toward bearish momentum. The 14-day RSI reading near 41 indicates BNT has moved out of oversold territory but lacks strong bullish momentum.
At the time of reporting, BNT was trading around $0.53. If the current positive trend persists, BNT could push past the immediate resistance near $0.61 in the coming hours. For a more sustained rally toward the next resistance at $0.82, BNT would likely need continued support from broader market strength.