Band Protocol (BANDUSD) Prepares for a Breakout as It Approaches a Strong Support Level
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Market Approaches Support Level as (BANDUSD) Prepares for Breakout
BANDUSD prepares to unleash a breakout in the market with creeping bearishness. The supply level at $10.300 was very successful in preventing the rise in the value of the coin. The zone was well defended after multiple attempts by buyers to raise the value of BAND. The crash in the market was not steady. Bullish candles were seen on the daily timeframe as the price fell. This indicated that the bulls also struggled to raise the price but were too weak.
BANDUSD Market Levels
Support level: $4.400, $6.700, $7.250
Resistance level: $8.400, $10.400, $11.450
During the first week of December, the market experienced a dive in price after a retest of $8.40. This led to three days of unchallenged drops with so much volume in BANDUSD. Prices fell below $7.250 and $6.700. The market approaches the $4.400 level creepily after the three-day unchallenged spike.
The overall trend is certainly bearish, as seen with lower highs and new lows being formed. This shows on the daily timeframe Relative Strength Index which is well below 40. The daily RSI is currently in an oversold region.
Market Anticipation
The four-hour chart has shown a gently sloping descending channel as the coin pull approaches the support level. The small ranges seen within the channel as it kissed both borders show that it is currently accumulating momentum. This is expected to evolve into a massive breakout. The buyers would anticipate using the $4.400 as a bounce to shoot the price to $6.700.
The Relative Strength Index is still bearish. This could be an opportunity to go short to strike the support zone before a likely reversal. The little range between the current market price and $4.400 is likely to still fill up as the Stochastic Oscillator is not yet presenting an oversold market condition. Hence, patience is recommended at this current market price.
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