Band Protocol (BANDUSD) Is Trapped Between Major Demand and Supply Zones
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BANDUSD Analysis – Price Is Trapped Between $6.1510 and $4.7010
BANDUSD is trapped between major zones in the market. The overall market is currently bearish. On the third of December, the market tapped into the upper band of the Bollinger. This was very sensitive as it initiated a bearish run. The bears broke through the demand zone at $7.1310. The defense of the bulls was broken. The price plunged into the $4.7010 zone.
BANDUSD Major Zones
Demand Zones: $4.7010, 7.1310
Supply Zones: $8.4510, $6.1510
There was a sharp rejection after testing the $4.7010 zone. This caused a bounce to $6.1510. The market consolidated around $6.1510 for about four days before the price dropped. This created resistance at the $6.1510 zone. The bears attempted once again to break out from the demand zone already formed at $4.7010. Their attempt to violate the zone on the 13th of December failed. The daily candles are currently ranging between the demand and supply zones and the Bollinger bands.
BANDUSD Market Expectation
In the four-hour timeframe, the market is bearish. The moving average between the bands has switched positions, moving to the upper side. This caused a break in market structure on the four-hour timeframe. The lower time frame is trending consistently between the major demand and supply zones. This effect is seen in the continuous formation of bearish candles with little resistance.
BANDUSD is very close to the demand zone at $4.7010. This is likely to spur a rapid move towards $6.1510. The Stochastic is oversold, indicating that the market is ready for a bullish run. The four-hour candles have also rested on the Bollinger bands. The lower band is expected to act as a support. The demand and supply zones at $6.1510 and $7.7010 are currently holding the market in consolidation.
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