Band Protocol (BANDUSD) Is Still Shrouded in a Bearish Battle
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Band Protocol Analysis: The market is still held in a bearish fight
Band Protocol is still stuck in a bearish battle as the sellers remain in control of the market. Despite the coin being generally in consolidation, it is more attached to the support levels of the consolidation levels. The coin is, hence, showing more bearish intentions than the tendency to push up out of the zone.
Band Protocol Key Levels
Resistance Levels: $1.970, $1.480
Support Levels: $1.180, $0.500
Band Protocol dropped to the $1.180 support level on the 15th of May; since then, its best efforts have been the brief rise through the $1.970 resistance level. The price has mostly been ranging between both key levels. Furthermore, BANDUSD is bearish in orientation because it is attached to the consolidation’s support level rather than resistance.
Since mid-August, the coin has stayed in the lower half of the channel, though the tenacity of the $1.180 support level is solely keeping the price afloat. The candlesticks are also trading below the middle line of the Envelope Channel. Nevertheless, the EFI (Elders Force Index) power line around the zero level indicates that the market is more in a state of equilibrium.
Market Expectation
The 4-hour chart shows the price dropping slightly below the $1.180 support level but recovering immediately. Also, the candlesticks have stayed above the middle line of the Envelope until this moment, having gone slightly below it. However, the EFI still indicates it is not all gloom as the powerline is in a positive value, and Protocol is likely to continue its range meaning it will rise to the $1.970 resistance level.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
