Band Protocol (BANDUSD) Appears to Respect Its Parallel Channel
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BANDUSD Analysis: The Market Appears to Respect Its Parallel Channel
BANDUSD appears to respect its parallel channel. This is prominent in the daily timeframe. The market ascended through a bullish channel from late September 2021. There was a reversal in the bullish direction in November. The market formed a head and shoulders pattern beneath the $10.404 supply zone. The value of Band dropped further after the reversal. The bearish move was halted for a few days upon reaching $7.2240. The market formed a support zone to bring in more buyers. A spike was seen to retest the previous supply zone. This caused selling pressure to violate the newly formed support zone.
BANDUSD Major Zones
Supply Zones: $10.4040, $9.2340, $6.2240
Demand Zones: $7.2240, $4.7840, $3.1840
The market price dropped rapidly to the $4.7840 demand zone. The parallel channel on the daily chart formed gradually. There was consolidation as the market created a new resistance zone at $6.2240. The market started a new head and shoulders formation as it consolidated within the zone. The head of the pattern had a wick that tapped into the upper border of the parallel channel on the 5th of January. The bears broke out of the range and dived into $3.1840. This formed the third significant touch on the parallel channel border.
The parallel channel border rested on the demand zone at $3.1840. This formed a confluence for buyers to go long. The buying pressure propelled the market straight to the upper border of the parallel channel. BANDUSD appears to respect the parallel channel. Upon reaching the upper boundary on the 17th of February, there was a rejection in the market. A wick ended the bullish move, and the price began to drop. The Parabolic SAR confirmed the rejection with points above the candles.
What to Expect From BANDUSD
The market is currently heading towards the demand zone at $3.1840. The rejection at the upper border of the parallel channel led to lower pricing. The Stochastic is presently indicating an oversold market. The mid-line of the parallel channel is expected to support the price before the demand zone is reached. The market is likely to retrace at the midpoint of the parallel channel before reaching the demand zone.
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