Band Protocol (BANDUSD) Is Still Enmeshed in a Consolidation Phase.
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BANDUSD Analysis – The Market Is Still Enmeshed in a Consolidation Phase
BANDUSD is still enmeshed in a consolidation phase with sellers’ influence over it. The market is currently trapped in a consolidation phase in the market. The price has been entrapped between the key levels of $5.500 and $3.140. However, since February 2022, the market has been enmeshed in this consolidation phase. Price manipulation is therefore evident at these levels due to the sideways movement caused by the prospect of the market.
BANDUSD Significant Levels
Resistance Levels: $10.120, $7.620
Support Levels: $5.50, $3.140
The price movement came with strong selling pressure before the consolidation began. The sellers first exerted influence on the price as the movement continued to break lower towards several significant levels in the market. The Bollinger Band Indicator shows price distribution as the selling pressure increases in the market on the daily chart.
Sellers are currently lowering the market price to $3.140, a significant level in the market. The price anticipation is that the buyers will take over from the 3.140 significant level of the market. However, if the price volume increases in the market, there is going to be a breakthrough beyond the $3.140 significant level in the market. Nevertheless, the price volume indicator (PVI) shows prices flowing straight in the middle range. This gives a clear indication of indecision as the consolidation phase is set to resume in the market.
Market Prospect
On the 4-hour chart of the market, the sellers’ trend is almost over in the market. The buyers are therefore willing to push the price influence forward. Following a pinch at the $3.140 significant level, we, therefore, anticipate a bullish order inside the consolidation back to the $5.500 significant level.
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