Band Protocol (BANDUSD) Market Is Resisting the Bearish Advances
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BANDUSD Analysis – The Market Is Resisting the Pull to Drop Lower
BANDUSD market resists the pull to drop lower. The bulls have been in a state of excitement of late, which has seen the coin spike strongly from a lowly consolidation zone around $1.180 to as high as $3.670. That’s almost a 230% price increase. After that, the sellers got back on the market, trying to plunder it. So far, the market has dropped to some point, but Band Protocol can be seen visibly resisting the bearish pull.
BANDUSD Key Zones
Resistance Zones: $3.050, $2.490, $1.970
Support Zones: $1.570, $1.090, $0.990
The sellers dominated the market for a long period, even confining the coin in a descending consolidation channel. However, the bulls suddenly came out firing on all cylinders, spiking the market to a more than 200% price rise. This is a period of excitement for the buyers as they break the hold of the sellers in the market. Nevertheless, the price reached was unsustainable, and the market has begun to correct itself courtesy of the sellers.
Despite the market’s current correction, the coin can be seen as having resistance to further drops after falling below $1.970. As a result, the coin bounces off the $1.570 support and immediately tries to breach the $1.970 resistance level. The MA period 50 (Moving Average) has dropped below the daily candlesticks as the price pushes higher.
Market Expectations
The MACD (Moving Average Convergence Divergence) line remains above the zero level and is strengthening itself to maintain its positive level as the market resists bearish advances. The indicators on the lower time frame are in agreement with those on the higher time frame. The major task of the buyer will be to rise above the $1.970 resistance level to achieve stability before it pushes further forward.
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