A Startling Spike Is Prominent in the Band Protocol (BANDUSD) Market
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BANDUSD Analysis: A Startling Spike Above Major Zones Is Prominent in the Market
A startling spike is prominent in the BANDUSD market. The market reversed at $10.307 with a head and shoulders pattern. It formed lower highs and lower lows until it consolidated between the $8.507 resistance level and the $7.007 support level. The market created a startling spike above the $8.507 resistance level on November 27, 2021. The spike tested the previous supply zone at $10.307 to bring more sellers into the market. The range of the single spike was equivalent to two weeks of price action. The market resumed below the $8.507 resistance zone the same day.
Major Market Zones
Supply Zones: $10.3070, $8.5070, $6.2370
Demand Zones: $3.2470, $4.6370, $7.0070
The market eventually passed through the demand zone at $7.0070. It formed a gap below the range as bears were heavy on selling. A new range started from December into mid-January. The coin projected another startling spike towards the order block on the 5th of January. The spike filled the gap and ran into the order block, which acted as resistance. Like the previous spike, the price resumed below the resistance zone at $6.2370 on the same day.
The market eventually surpassed the range as the market dipped to $3.2470. The market experienced little volatility in the supply zone. The market started graduating gently towards the previous support zone at $4.6370. A new starling spike pierced through the support zone. The spike tapped into the gap above without filling it up. Like the previous spikes, the market resumed below the 4.637 level the same day.
BANDUSD Market Expectation
The market is bullish on the four-hour chart. A gentle slope of the upward trend has led the coin to reach the $4.6370 level. The stochastic has slightly gyrated from the oversold zone. This shows a tendency for the price to fall further towards the $3.2470 level. Like the previous times, the startling bullish spike led to lower pricing in the market.
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