Band Protocol (BANDUSD) Is Set to Continue Downward Trend
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BANDUSD Analysis – Downward Trend Is Set to Continue
BANDUSD is set to continue its downward trend. The market has formed consistent lower highs and lower lows. The market trend reversed on the 4th of November. The price has continued to drop in a step-wise fashion. This means it has created consolidation and impulsive moves.
BANDUSD Major levels:
Resistance levels: $8.50, $6.10
Support levels: $7.10, $4.70
The market was trapped between the $8.50 resistance level and the $7.10 support level. The defended support zone gave way on the 4th of December to continue the downward trend. The move that occurred on the 4th of December created a gap or imbalance between the $7.10 support zone and the $6.10 resistance zone.
The market has been in another phase of consolidation. The market has been ranging between $6.10 and $4.70. This is revealed by the sideward cross of the 9 and 21 moving averages. The market transitioned from a trending market to a ranging market.
BANDUSD Market Expectation
Band price has climbed and touched the downward trendline. The current market price is at the resistance level. The resistance level, combined with the effect of the trend line, is expected to sink the market back to the $4.70 support zone. The stochastic indicator shows that the market is in an overbought condition. Hence, BANDUSD is set to continue its downward trend.
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