Band Protocol (BANDUSD) Bulls Trail the Market Upward Despite Consolidation
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BANDUSD Analysis: Bulls Trail the Market Upward Despite Its Current Consolidation
BANDUSD bulls trail the market upward despite being in a consolidation phase. The price settled to centralize between the key levels of $5.370 and $2.930, a significant level before gaining additional strength. The actions of the buyers and the sellers led to price sideways movement, and the buy traders settled to reach the $5.370 significant level. However, BANDUSD is considered to assume a bearish format. The buyers once failed to break through the $5.370 key zone, which led to price consolidation back to the $2.930 significant zone.
BANDUSD Key Levels
Resistance Levels: $11.100, $7.400
Support Levels: $5.370, $2.930
The buyer’s trail back to $5.370 will either lead to a breakout in bullish format or a rebound in price if the bear applies more pressure to the market. The bearish order flow began in the market after the price tendency swung from the $5.370 market level up to the $11.100 significant point. The price action in the BANDUSD formed a double top pattern, which gave a bearish confirmation in the market.
The bearish display entered the scene since the buyers were not strong enough to rally the price above the $11.100 significant point in the market. The bears then continue to swing lower in the market, creating lower lows and lower highs. As a result of the bearish trend, the market is currently creating a lower high in consolidation. The 1-day chart shows the MA (Moving Average) crossing indicator as prices continue to trail up to the $5.370 significant level.
Market Prospect
The price continues to trail on the 4-hour chart. The buyers are buying the price up to the $5.370 significant level before the bears take over. The MACD (Moving Average Convergence and Divergence) indicator shows price tendency above the 0.00 level, indicating a buy signal to the $5.370 critical zone. As the market consolidates, a bearish fall should be expected above the $2.930 level.
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