Band Protocol (BANDUSD) Is Recovering off the $8.100 Support Level
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BAND Analysis – Price Is Recovering From the Down Surge From $11.700
BAND is recovering from the down surge that occurred from the $11.700 resistance level. The down surge happened on the 7th of September 2021, after the coin failed to get the better of the $11.700 key level. This led to a heavy slump in price to $6.900. BAND started recovering immediately and pushed up above the $8.100 level. Price has now risen above the next key level at $9.300, indicating that it is continuing to rise.
BAND Key Zones
Resistance Zones: $10.300, $11.000, $11.700
Support Zones: $8.100, $7.500, $6.900
Ever since the coin broke past the critical key zone which lies between $7.500 and $6.900, BAND has had to grind its way upward. It has had to pull back to retest key levels several times on its way upward. The $7.500 key level was retested at least twice before BAND pushed past $9.300. Price, however, had to pull back again to $8.100 before pushing to reach the $11.700 resistance level.
At $11.700, the market was dealt a ferocious blow by the bears, which sank the coin to $6.900. But BAND didn’t resign to depression and immediately started recovering itself, pushing immediately above the $8.100 key level. After retesting the key level twice, the market has now climbed above $9.300. In the process, the price has traded to the upside of the MA period 20 (Moving Average). The lines of the MACD (Moving Average Convergence Divergence) are above the zero level and are about to cross each other. Bulls keep dominating.
Market Anticipation
The market has bounced off the MA period 20 on the 4-hours chart to get above $9.300. This coincides with the lines of the MA crossing the zero level, accompanied by increasing bullish histogram bars. Currently, as it has always done, BAND is now pulling back to retest $9.300 and this could be done a couple of times before price pushes up to $10.300, where the coin will come face to face with the $11.000 resistance level again.
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