BAND Protocol (BANDUSD) Is Bordering the $1.180 Demand Level
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BANDUSD Analysis – The Price Is Bordering the 1.180 Demand Level
BANDUSD is bordering the demand level at $1.180. This level has been the lower limit for the price in consolidation. Meanwhile, the market is shielded at the top by the $1.970 supply level. BANDUSD has been locked in consolidation between these key levels since May. And though the price has been vigorously testing both borders, the market is predisposed to drop lower eventually.
BANDUSD Significant Zones
Supply Zones: $3.050, $1.970
Demand Zones: $1.180, $0.005
The trend of the price since the end of the first quarter of last year (2021) shows a definite downward trend in the market. The structure is such that the coin drops significantly, and then is halted by a strong demand level. After a while, the pressure mounts on the support level and it gives way to another significant drop. The market has dropped all the way and is currently bordering the $1.180 key demand level.
The price has taken a while longer at the $1.180 support level that it took at previous ones. This means the buyers are putting up a very united and obstinate front to stop the downward trend. And this is the reason that despite the MA period 20 (Moving Average) being above the daily candlesticks, the MACD (Moving Average Convergence Divergence) lines have gradually risen upward over the past 4-months.
Market Expectation
The market is currently bordering the $1.180 support after a failure to breach the resistance level. This drop will in turn test the demand level again. As the coin keeps ranging, momentum is gathering and one of the borders will eventually give way. For now, the demand level looks more likely to do so. In response to the price drop, the 4-hour MACD lines have fallen below zero level.
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