Band Protocol (BANDUSD) Pushes Upward; Meets Resistance at Key Level
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BAND Analysis – Price Pushes Higher but Encounters Resistance at $4.200
As BAND pushes upward against the bearish tide, the price now has to negotiate the first resistance to its resurgence at $4.200. A dominantly bearish market led to a drop in price from above the $5.000 fundamental level on the 20th of January. Subsequently, the market is observed to enter into silence in the following days. This continues till the 4th of February when BAND noticeably jumps and pushes upward to $4.200.
BAND Key Levels
Resistance Levels: $4.200, $5.000
Support Levels: $3.380, $3.800
The BANDUSD coin tends to get structured into a head-and-shoulders formation. Multiple patterns like this can be seen in the market. The head-and-shoulders market pattern is a price reversal pattern continuously employed by the bears to plummet the market. The market didn’t break the first critical zone in the first drop from the formation, but it yielded the second time of asking.
The coin dropped to the $4.200 significant level, which kept the market afloat from mid-December to mid-January. During this time, the price forged into another head-and-shoulders and pushed downward, sliding through several vital levels to reach $3.380. After some days of dormancy, BAND now pushes up against the bearish tide. The Parabolic Stop and Reverse indicator confirm a bullish market charge with dots under the daily candles.
Market Prospects
Price has risen above $3.800 and continues to press against the $4.200 resistance level. The Elders Force Index shows that power is now on the buyers’ side, with a positive value attained. We expect that as the market pushes upward, it will break through the $4.200 resistance level and reach $5.000.
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