Band Protocol (BANDUSD) Remains Silent After Price Drop Below the $2.8900 Threshold
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BANDUSD Analysis – The Market Remains Silent Following the Price Drop Below the $2.8900 Threshold
BANDUSD Remains Silent after Price Drop Below The $2.8900 Threshold. As prices continue to fall below the key level of $2.8900, BAND Protocol has chosen to maintain a wall of silence for the time being. The token is currently undergoing an accumulation phase as a result of a sudden decline in its value. As BAND Protocol continues to engage the prospects in this phase, traders brace themselves for further movement or a shift in the price trend.
As a result of the bearish prospects, the value of BANDUSD has been subjected to a dominant downtrend tendency for a long time. This started happening immediately after the buyers swung the price from the crucial level of $6.300 up to the key level of $10.200. A bearish expansion happened because buyers couldn’t control the price action above the key level of $10.200. This led to the sellers taking control of the market in the end.
BAND Protocol Crucial Levels
Resistance Levels: $10.200, $6.300
Support Levels: $2.890, &1.260
The market remains on a downward ride. A continuous market swing was seen till the BANDUSD protocol declined below $2.890, an important level. The selling expansion eventually arrived at a significant level of $1.260. The price sentiment has begun to accumulate above this important level on the daily chart. BANDUSD structure may imply that when more institutional order is added, there will be a change in price tendency.
The sellers are moving closer and closer to riding the market influence down. The market continued to move in a volatile direction until the BANDUSD protocol dropped below the important level of $2.890. The increase in selling continued until it eventually reached the significant level of $1.260. On the daily chart, the price sentiment has begun to accumulate above this significant level. This is a bullish sign. The way BANDUSD is set up could mean that the price trend will change once more institutional orders are added to the market.
Market Expectation
A look at the 4-hour chart shows that the token is following the long-term trend down to the $1.260 critical level. Indicators such as the True Strength Indicator (TSI) show that BANDUSD is likely to remain in the 0.00 range. There is still a signal in the middle region of the MACD (Moving Average Convergence and Divergence Indicator). For the price trend of BANDUSD to change, more positions must be opened.
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