Band Protocol (BANDUSD) Falls to a Pre-Volatility Range
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Price Analysis – as Prices Fall, the BANDUSD Falls Into a Pre-Volatility Range
Following the market’s plunge, BANDUSD falls to a pre-volatility range. The market is back to where it all started before a surge in market volatility. The key levels of $7.400 and $4.000 are charged with keeping the price in range, and $5.700 acts as a middle line, alternatively supporting and resisting the price.
The consolidation began following a sharp drop in prices as the bulls got tired after pushing the market to its all-time high in 2020. BANDUSD fell below the $7.400 support to the next support at $5.700, which kept the market afloat till it broke lower to the $4.000 key level on the 26th of October 2020. The coin rallied again, breaking through and springing up from the $5.700 key level to retest the $7.400 resistance. After about 4 trials, the coin fell through the middle line support, but it bounced back immediately from the lower resistance to sit on the middle line.
It was at this time that the market was being infused with volatility. The price first rose above the $7.400 key level that had been shielding the market. The increase in volatility caused the market to reach its all-time high of $22.700 on the 15th of April 2021. By the 19th of May 2021, the price suddenly dipped to reach the $7.400 key level. The market fell below support after a brief period of range.
From the 19th of May, when prices fell sharply, there was a continuous decrease in market volatility, which seemed to favor the sellers as they continued to drag the market down. The ATR (Average True Indicator) shows this is true, with increasing prices accompanying the loss of volatility. The Stochastic oscillator shows that prices are currently on the increase. The price is set to keep undulating between the $7.400 and $4.000 key levels.
BANDUSD Key Levels
Resistance: $9.000, $7.400
Support: $5.700, $4.000
Market Expectation
The market has bounced off the $5.700 key level with an upward momentum on the 4-hour chart. The Stochastic oscillator confirms this as the price hovers just below the overbought region. The ATR indicator is still on the decline, indicating that market volatility is still very low.
The market is expected to aim for $7.400 before falling back to $4.000 in a range movement.
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