BAND PROTOCOL (BANDUSD) Buyers Are Putting up a Fight at $1.300
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BANDUSD Analysis – The Buyers Are Putting up a Fight at $1.300
BANDUSD buyers are putting up a fight to ensure the market does not dip beyond the $1.300 support level. The strong downward trend of BAND came to a screeching stop at the $1.300 support level. Since then, the price is seen to be moving sideways. This shows that neither bears nor bulls are entirely having their way in the market. But from the look of things, the bulls appear to be edging the market.
BANDUSD Significant Zones
Resistance Levels: $3.380, $4.200
Support Levels: $1.300, $0.005
The general trend of the BANDUSD market from the beginning of the year is nothing short of being bearish. Sellers have been plundering the market since last year and the trend continues into 2022. This is not due to the absence of buying influence but rather to overbearing bearish dominance. This is such that the bulls come in to halt the drop at a key level, but after a period of sideways movement, the structure breaks downward.
The coin has now dropped to the support level at $1.300. Once again, the buy-traders are resisting the drop. The result is another string of sideways movements. However, the buyers have begun to make moves from the support level upwards. This is seen in how the EFI (Elders Force Index) power line has risen to a positive value. The MA cross (Moving Average) has also crossed upward.
Market Expectations
On the 4-hour chart, the price has lifted off the support level, pushing back the bearish pressure placed on it. The EFI power line on the 4-hour chart is also in accordance with the daily chart. The line has risen above the zero level. The expectation is for the coin to rise towards $3.380.
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