Band Protocol (BANDUSD) Successfully Breaks Out With an Impulsive Move
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BANDUSD Analysis: Price Successfully Breaks Out of the $4.7020 Demand Zone
BANDUSD successfully breaks out with an impulsive move, thereby compromising the $4.7020 demand zone. The market has created a series of corrections and subsequent impulse moves. The impulsive move on BANDUSD has been characterized by only a few days of high volatility. The market has been observed to create a repeating pattern that features a somewhat steady bullish run anchored by a trend line. The bullish move is followed by a large bearish whipsaw.
BANDUSD Major Zones
Support Zone: $3.0120, $4.7020, $7.1320
Resistance Zone: $10.6620, $8.4520, $6.1520
The previous year, from late July into early September, created a bullish move. It was followed by a single-day plunge in the market. On the 7th of September 2021, price successfully breaks out with an impulsive move. The effect of the single day of bearish volatility was the struggle of the bulls for the previous full month. The market retraced back to the trend line and repeated a similar correction and impulse pattern.
What to Expect From BANDUSD
The four-hour chart shows how price successfully breaks out from the most recent range. The market created a very gentle bullish slope with higher lows. The higher lows are almost unnoticeable as they are very close to one another. After a bounce on the trend line on the 19th of January, the market seemingly appeared to rise. This was followed by a breakout through the $4.7020 zone.
The market price has dipped massively. The price has tested the demand zone at $3.0120. The impulsive move was halted at $3.0120. The stochastic and the relative strength index are not yet overbought. Hence, the current correction from $3.0120 is still likely to continue. The retracement is likely to reach the $4.702 zone.
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