Band Protocol (BANDUSD) Attempts to Break Out of Consolidation
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Market Analysis – BAND Attempts to Break the Ranging Cycle With a Bullish Move
BAND attempts to break out of its consolidation with a bullish move. Price has been in a bullish trend since the 21st of July 2021. The market has been able to subdue all the hurdles it has faced to date. However, BAND is now facing a major barrier in the $10.300 resistance zone. The resistance zone has resisted the advances of the market and this has knocked it lower. The coin now finds itself locked in consolidation above $8.600.
Key Levels:
Resistance Levels: $10.300, $12.600
Support Levels: $8.600, $7.500
Previous experience of the coin can give us a clue on what will happen to the market at this point. When BAND began its rally, it faced major opposition at the $7.500-$6.900 resistance zone. This sent the coin into consolidation for days, with bulls making several attempts to break out. This finally paid off on the 5th of August 2021. The market also faces a similar scenario just below the $8.600 key level. It took a consolidation and breakout to get past the level also.
The coin is currently trading in consolidation after it faced rejection at $10.300. This can be seen as the market which has largely been trading above the upper band of the Envelope indicator has slipped below. Price now cranks below the upper band and the EMA of the Envelope. The attempts thus far to break out of confinement have proved abortive. The Stochastic Oscillator signal lines are about to cross to the upside, just a little bit below the overbought region. Price might finally be strong enough to breakthrough.
Market Prospects
On the 4-hour chart, the coin can be seen making consistently higher highs as it creates an expanding triangle chart pattern. Price has also traded to the upside of the Envelope’s EMA. On the Stochastic Oscillator, the market can be seen making progressive uptrend movements as it enters into the overbought region. All these indicate that price is beginning to gather bullish momentum that will eventually help it surmount the $10.300 resistance level. BAND is expected to reach $12.600 when it breaks through.
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