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Bearish Pressure Is Pushing Band Protocol (BANDUSD) Towards $4.400

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Bearish Pressure Is Pushing Band Protocol (BANDUSD) Towards $4.400

BAND Analysis – Price Is Pushing Toward $4.400 Under Bearish Pressure

Bearish pressure is pushing BAND towards a rock bottom level at $4.400, where the market began about 4 months ago. After the coin dropped from its ascending line, it was restricted between $8.500 and $7.000 for up to three weeks. And even then, the market was showing more bullish tendencies. However, against the run of market play, market forces caused a huge slump in price, and BAND falls to $5.800.


BAND Key Levels

Resistance Levels: $10.350, $8.500, $11.450
Support Levels: $7.000, $5.800, $4.400
Bearish pressure is pushing BAND
Since the market revival at $4.400, the best efforts of buyers in the market have thus far failed to lift the coin past $11.450. There have been a lot of market interactions in-between, though. Bearish pressure can be seen to enter the market at intervals to push down the market. It occurred first on the 6th of September at $11.450, then on the 3rd of November at $10.350.

The latest bearish pressure event in the market ensures that prices drop below the trend line. Price fell further from a consolidation zone, resulting in a drop to $5.800. Currently, the market is fluctuating around the same price level and trying to hang on to the lower border of the Envelope indicator. Bearish pressure is threatening to push it further back to $4.400. The MACD (Moving Average Convergence Divergence) indicator shows that the market remains strongly bearish.

Bearish pressure is pushing BAND
Market Expectations

The price has recovered above the $5.800 price line, but the market retains its bearish tendencies. Although the MACD histogram bars have switched to bullish ones, the lines remain below the zero level. The 4-hour candles are also finding solace above the middle line of the Envelope indicator. This shows that buyers are pushing to move the market up, although it remains essentially bearish.

A bearish masterstroke would see the price fall effectively to $4.400.

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