Band Protocol (BANDUSD) Remains Bearish in the Parallel Channel
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BANDUSD Analysis – The Market Remains Bearish in a Parallel Channel
BANDUSD remains bearish in the parallel channel on the daily timeframe. The demand zones have continued to fail as the supply zones are holding.
BANDUSD Major Zones
Demand Zones: $1.250, $3.290, $6.290
Supply Zones: $10.310, $4.940, $1.250
The market ascended from a major zone at $4.940 during July last year. The market was oversold during July at the time of the takeoff. The market ascended steadily to $10.310. A head and shoulders pattern formed at the supply level led to a bearish displacement at $6.920. The supply zone was tested for the second time in November. The supply zone was well defended by the bears. This prompted a bearish breakout in November. The daily candles fell below the Moving Averages period eighty-nine and two hundred).
A bearish displacement caused a break in the structure to violate the demand level at $6.920. The Moving Averages of periods eighty-nine and two hundred rested above the daily candles in the parallel channel. The market ascended to strike the higher border of the parallel channel. This led to the bearish market reversal in April.
Market Expectation
The market has currently not shown any signs of a bullish reversal. The market has been in consolidation since June. BANDUSD is likely going to continue dividing within the parallel channel. The market is expected to break the $1.250 demand level.
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