Band Protocol (BANDUSD) Is Rising Towards a Previous Significant Zone
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BANDUSD Analysis: The Market Is Rising Towards the Significant Zone at $4.7860
BANDUSD is rising towards a previous significant zone at $4.7860. The market ran up a parallel channel during October 2021. The ascending channel led the market above $9.2360. On the 3rd of November, the market reversed with multiple confirmations. The stochastic indicator was signalling oversold. A few days after, the moving average period nine rested above the daily. The domination of the moving average was further confirmation to go short.
BANDUSD Significant Zones
Demand Zones: $3.1860, $4.7860, $7.2260
Supply Zones: $9.2369, $6.2260, $3.9860
There was support at $7.2260 as the market consolidated between the major zones at $7.2260 and $9.2360. The moving average period 9 moved sideways until the 3rd of December, 2021. The bears swung low under the guide of the moving average. The market tapped into 4.7860. The market rose to $6.2260. The market formed a major zone at $6.2260. The zone was tested three times but resisted further bullish movement. The previous major zone at $4.7860 was tested multiple times before.
The price fell after passing through the demand zone at $4.7860 significant zone. The market dropped to $3.1860 to form a new significant zone. The market retraced back to the $4.7860 major zone. The Stochastic indicator on the market revealed that the market was oversold. The Moving Average period nine led the price to $4.7860. Upon reaching the supply zone, the bears went short heavily, down to $3.1860.
BANDUSD Market Predictions
The market is currently rising into the previous major zone. The Moving Average acts as a support to lead the price towards the previous major zone at $4.7860. The stochastic is oversold. This might cause the market to retrace towards $3.1860 before smashing the major zone at $4.7860.
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