Band Protocol (BANDUSD) Sideways Movement Continues to Exert Influence
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BANDUSD Analysis- Sideways Movement Continues to Exert Influence Around Specific Key Levels
BANDUSD sideways movement continues to exert influence around specific key levels. The price decides to continue consolidating with the participation of the prospects in the market. However, the price is settling between $5.470 and $3.100, which is significant in the market. Both the buyers and the sellers have failed to overcome these strong key levels in the market. As a result of their response, BANDUSD may continue to centralize between these key levels in the market.
BANDUSD Key Levels:
Resistance Levels: $10.400, $7.600
Support Levels: $5.470, $3.100
The price tendency distribution shows that the BANDUSD market has followed a downtrend layout. This implies that before the market begins to centralize in a sideways market at the specific key levels, there has been a bearish tendency in price motion. However, the bearish movement started when the buyers were rejected at the $10.400 key level of the market. This, however, enhanced the selling pressure in the market.
The sellers, therefore, decide to prolong their stay as the bearish motion increases. However, the market’s consolidation phase came into play when the price broke through the $5.470 significant level. Hence, there has been a sideways manipulation caused by both the buyers and the sellers in the market. The buyers are preparing to shoot the price back to the $5.470 critical level as the consolidation phase continues. The Relative Volume Index (RVI) shows that the volume signal is rising above the 0.00 level in the market on the daily chart.
Market Expectation
On the 4-hour chart, the buyers are getting ready to influence price motion back to the $5.470 significant level in the market after a sellers’ displacement. However, we should expect a short pullback since the stochastic oscillator shows the price action in the overbought region. Therefore, the price will swing high and low upward to the $5.470 significant level in the market.
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