The Price Could Drop as Consolidation Continues on Band Protocol (BANDUSD)
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BANDUSD Analysis: The market could drop amidst a continuous price consolidation.
The price could drop to a lower key level amidst continuous market consolidation. Since the price dipped to the current level of $1.180, the market has been locked in consolidation. The upper barrier at $1.970 remains almost impenetrable. This has led to several months of sideways movement up to the current time. The price has dropped back to support, and there is a notion that the price could drop to the next support at $0.005.
BANDUSD Significant Levels
Resistance Levels: $1.970, $3.050
Support Levels: $0.005, $1.180
BANDUSD has been stuck in consolidation since mid-May, and it has lasted for several weeks and months until this point. At the beginning of the ranging movement, the buyers were more likely to take the market by the scruff of the neck. Their activities are particularly seen in early June and in late July and early August. However, since then, pressure has been mounting on the coin.
Currently, the price has fallen back to the $1.180 support level under a bearish strain, and if the situation does not improve, the market could eventually break to the downside of the consolidation. The MA period 24 hanging above the market represents the bearish pressure on the Band Protocol. The RSI (Relative Strength Index) line has failed to rise above the middle line and is dropping back to oversold as a sign of bearishness.
Market Expectation
The 4-hour chart shows activity at the $1.180 support level, but the price is continuously knocked back down to the level. The MA period 24 is positioned more above the candlesticks. Meanwhile, the RSI on the 4-hour chart has dropped to the border of the overbought region. There is a propensity for the coin to drop if it doesn’t rise back towards the resistance by beginning of next week.
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