Band Protocol (BANDUSD) Is Correcting Itself After a Price Surge
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Band Protocol Analysis – The Market Is Correcting Itself After a Price Surge
Band Protocol is correcting itself after a price surge that occurred earlier this month. The coin has been held in a downward trending consolidation channel for a while. And now the buyers have demonstrated tremendous strength to break out of the channel and surge upward. The price rose to $3.050 and could go no further. From there, the coin started correcting itself with a steady price drop.
Band Protocol Key Levels
Resistance Levels: $3.050, $2.490, $1.970
Support Levels: $1.310, $1.180, $1.090
The Band Protocol market has been largely controlled by the selling base since the beginning of the year. The bulls, however, have also been giving their best with a push up in prices here and there, but they are not formidable against the sell-traders as every move is met with greater resistance. Furthermore, the coin was subjected to a descending ranging movement. It is from here that the bulls pulled off an unexpected price surge.
The price suddenly rose, defying the ranging channel and pushing through several key levels to reach $3.050. The surge was halted at that point, and a swift descent began. Buyers are doing everything they can to keep the price up, which explains the slower drop and rise. The EMA period 25 (Exponential Moving Average) has met the candles halfway. The RSI (Relative Strength Index) has also dropped, but not beyond the mid-level. So it is a make or break point for the market.
Market Expectation
The bears are stronger in the shorter time frame. The price has breached the EMA period 25 to the downside and is approaching $1.529. Also, the RSI line has dropped to the oversold border. The coin could receive adequate support from the closest support level at $1.529, in addition to an upturn from the oversold region. This would help the price stabilize at a higher level rather than fall back into consolidation. But as it stands, the coin is most likely to fall back to consolidation.
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