Band Protocol (BANDUSD) To Stay Afloat 7.00 Supply
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BANDUSD Key Zones
Demand Zones: 20.80, 11.00
Supply Zones: 4.00, 7.00
BAND/USD hit its all-time high on the 15th of April 2021, but about a month later, on 19th May 2021, it is heading towards rock bottom. The market had formed a double top pattern to plunge price to 7.00 support, this just about keeps it afloat its all-time low at 4.00.
Price Anticipation
The coin had earlier displayed the same double top pattern from the 12th to 20th of February to which price plunged to 11.00 supply zone. The supply zone was strong enough to keep BAND afloat, till it rallied upwards. The market is set to repeat this pattern.
As of the time of writing, the bears have brought the market to a low at 7.00 supply. The Parabolic SAR (Stop and Reverse) is still showing its dots above the candlesticks to reflect the current bearishness.
The Stochastic indicator however is already showing the price in the oversold region, which shows an imminent rise of the coin.
On the 4-hour chart, a bullish candle has just be formed. The descending trend line from which the coin has broken out appears to coincide with a resistance line at 11.00. This will make it hard for the price to break through and will tend to push it back to 7.00 support, which is likely to keep it afloat the 4.00.
The Parabolic SAR (Stop and Reverse) still has its dots above the candles but the Stochastic indicator is already rising from the oversold region. Its signal lines have crossed each other upwards. This shows that buyers are currently in control of the market.
BANDUSD will rally to break through the 11.00 resistance, but it will eventually be pushed back down, and it will fall to support at 7.00 for a second retest.
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