Band Protocol (BANDUSD) Recovers Upward but Remains in a Downtrend
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BANDUSD Analysis – The Price Recovers Upward but Remains in a Downtrend
BANDUSD recovers to avoid a continuous downward plunge. The price has therefore recoiled back under the influence of the $1.180 key level. However, despite this recovery, the coin remains in a downtrend. This is characterized by consecutive lower lows and highs as the market slides down a parallel channel. The coin, however, makes an upward surge this time around to defy the sellers.
BANDUSD Key Zones
Resistance Zones: $1.310, $1.422, 1.529
Support Zones: $0.990, $1.090, $1.180
BANDUSD buyers have been able to block the plunge in the price at the $1.180 support level. However, the buying base is gradually depleting as the sellers keep pushing hard against the market. A detailed view of the market shows that the price is not just undulating back and forth, but it is gradually in a descending rhythm. This is what led to the coin falling to $0.990.
Although the price has risen again back into the influence of the $1.180 key level, it remains generally in a downtrend in a parallel channel. This is confirmed by the fact that BANDUSD makes another lower high being blocked at the upper border of the parallel channel. After then the price surges out of the parallel channel. The Stochastic Oscillator lines which have curved downward as the price drops have suddenly shot upward due to the unexpected rally.
Market Expectation
The anticipation in the market is that as the coin has reached the upper resistance, it will commence a fall which will break $0.990 to reach a new low. This would have been straightforward except for the price surge. Both the RSI (Relative Strength Index) and the Stochastic Oscillator on both the daily and 4-hour charts show a strong indication of a dip in the market till this upsurge that pierces high and above the descending channel. It remains to be seen if the market can sustain this rally.
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