BANDUSD Is Following a Downtrend and Is Expected to Pullback
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BANDUSD Analysis – Price Is Expected to Pull Back to $8.00
BANDUSD is expected to pull back despite being in a downtrend. The bullish momentum came to an end after the price reacted at the $10.40 significant key level. We see the market making significant higher highs as buyers continue to push it higher. The sellers then set in as the market continued to make a progressive low. As the price continues to trend lower, we expect to see a pullback close to the $8.00 significant level.
BANDUSD Significant Levels
Resistance Levels: $10.40, $8.00
Support Levels: $6.60, $4.30
Beginning in May, the Band Protocol assumed a downtrend movement. The price, however, went downward to $6.60 around mid-May, making reactions at this significant level. Before the Band Protocol assumed its bullish plight, the price also reacted close to the $4.30 significant level. The buyers then continued to put in more pressure until the market reversed around the $10.00 significant key level.
As a result of the dramatic reversal in buyer sentiment, the market is presently in a downtrend. There was strong liquidity run from $10.4 to $8.00, significant key levels. More important zones are breached as the sellers maintain their advancing trend. The MACD on the 1Day chart displays the price. In the lowest area. However, this suggests that the market is still in decline because the red histogram remains below the 0.00 level.
Market Predictions
On the 4hour chart, Band Protocol is seen to be making a significant drop to key levels. The price was also consolidating between $10.40 and $8.00 after a sharp drawdown. The price has now broken through the $8.00 mark as a result of bear pressure in the market. The middle band of the Bollinger Band is acting as a resistance and the price will tend to go lower. The MACD also indicates a general downtrend and BANDUSD is expected to pull back to $8.00 before it resumes its bearish movement.
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