Band Protocol (BANDUSD) Surges Downward From a Significant Price Level
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BANDUSD Analysis – Price Surges Downward After a Confrontation With $11.700
BANDUSD surges downward after failing to get over the $11.700 key level. Price has been struggling for about two weeks to bypass the $10.300 resistance level, but after it made it past the key level, the bulls hit a bulwark at $11.700 and dropped abruptly back to the $7.500 -$6.900 weekly support zone. This fall in price comes at around 41.55% and it undoes all the impressive work the coin has done for the past weeks.
BANDUSD Key Levels
Resistance Levels: $11.700, $10.300, $8.600
Support Levels: $7.500, $6.350, $4.200
In the upward movement of the market, BANDUSD has now faced another major zone it must subdue to keep up its rally. The first zone lies between $7.500 and $6.900. It took 52 days for the coin to navigate through the zone. Thereafter, after several weeks of plowing upwards, the market has reached another key zone which lies between $11.700 and $11.000. But unlike in the first market zone, where price dropped gradually at first rejection, BANDUSD surges down abruptly.
It took the first key zone to stop the slump in price. This precipitous drop in the price has some implications for the market, the first being that market dominance is now with the sellers. This is seen on the Elders Force Index Chart, where the force line is now at a negative value. The Relative Strength Index also shows that momentum has been ceded to the bears as the price has now dropped in the selling half of the chart at the 44 mark. Buyers, though, are optimistic and the market is now taking its first steps towards recovery, negotiating the $8.600 resistance.
Market Anticipation
The 4-hour chart shows that the market is not wasting any time in regaining its swagger. Price bounced immediately out of depression to start retracing its steps upwards. The EFI power curve has taken a huge bend towards the positive zone. The RSI indicator has also climbed out of the oversold region. The first goal of the market is to get above $8.600. It has moved up from $6.900 and pulled back to test $7.500.
Success at this level will show the intent of BANDUSD to get back to bullish ways, with the first focus at $10.300.
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