Band Protocol (BANDUSD) Bears Proceed Further After Overcoming Bulls Market
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BANDUSD Analysis – Bears Proceed Further After a Retest at a $9.100 Resistance Level
BANDUSD bears proceed further after conquering bullish market order. As the bear market continues in its demand strength, the price levels were broken and the market made its way further to retest a significant level. The bears retested the $9.100 resistance level before advancing. This level is, though, regarded as a strong key level because it constitutes a major order block in the market. As a result of this retest, the bears will eventually cause the price to plunge considerably.
BANDUSD Significant Levels:
Resistance Levels: $10.500, $9.100
Support Levels: $8.000, $6.700
The bear market is observed in a bearish state and prices are seen dropping due to the intensity of the momentum of price tendency downward. The market exposure was, however, in the bullish region before the bears’ accumulated control over the market. The buyers oriented at $6.700 and advanced upward-moving in a trending pattern, and the price is observed to be retesting several price levels, as the case may be. The price action bounces from one price level to another before heading to the $10.500 price level.
However, there was a sudden reversal at the $10.500 resistance level, and this led to a bearish confirmation, and the bears suddenly began to drop the price movement downward following a reversal at the $10.500 significant level. The market bears proceed to go further after overcoming the bulls in terms of strength. Upon the sellers’ retest at the $9.100 resistance level, the price is anticipated to go down further to the $6.700 significant level. The MACD (Moving Average Convergence Divergence) indicator shows that market orientation is still in a bearish trend as the price continues to move further.
Market Expectations
On the 4-hour chart, the bear market emanated following a retest at the $9.100 significant level. The price has eventually broken the $8.000 significant level and a quick retest has automatically emerged. The bears will, however, be prepared to make the price descend downward as momentum advances. The Stochastic Oscillator shows price movement around the oversold region, demonstrating price bearish movement to be quite over as bearish flow continues. BANDUSD must therefore go further to the $6.700 significant level for the bearish trend to be over.
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