Band Protocol (BANDUSD) Is Still at a Major Zone
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BANDUSD Analysis: Market Remains Still at $3.404 Major Zone
BANDUSD is still, trading in the $3.4040 major zone. The bears went short at the $10.6640 major zone. The bear run moved in a step-wise manner. There was consistent accumulation in the form of consolidation and distribution in the form of impulsive moves. The lows in the trend line, which led to the supply zone, were violated. The 8.4540 zone acted as support in the second week of November 2021. Before the end of the month, the 8.4540 switched functions to serve as resistance. It created a range between the 7.1340 and 8.4540 zones.
BANDUSD Major zones
Supply Zone:10.6640, 8.4540, 6.1540
Demand Zone: 3.4040, 4.7040, 7.1340
The market was ranging until December when there was a violation of the 7.143 major zone. The demand zone gave way to the bears. The market created a gap with the volatile move on the 4th of December 2021. Just beneath the gap, the market began ranging again. A sharp rejection on the 4th of December at 4.704 showed that the level was well defended. The gap was filled on January 5th, 2021. A false breakout characterized by a wick above the major zone at 4.704 filled the zone.
Once again, the bears pulled through the major zone at 4.704 on the 21st of January. The market sank into a long-term major zone at $3.404. The market has since then been characterized by extremely low volatility. BANDUSD remains still at a major zone.
What to Expect From BANDUSD
The Moving Average period 9 and the moving average period 21 have been crossing consistently in the major zone. This shows that the market is still in the major zone. There is currently very low volume in the market. The current price is very low compared to the high in the last quarter of the previous year. The bulls will seek to use the demand zone to go long. The previous demand zone at $4.704 is likely to be a short-term target for the bulls.
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