BAND Protocol (BANDUSD) Is Weighed Down by the Selling Pressure
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Band Protocol Analysis: The price is weighed down by the current market selling pressure
Band Protocol is weighted down by the constant selling pressure that has been on the market since there was a liquidity rush downward that stopped at $1.180. Even though the buyers were later able to prevent the price from plunging below $1.180, they also could not convincingly push the market clear above $1.970. Hence the coin kept cranking through the two levels, and now the buyers are buckling under the selling pressure.
Band Protocol Critical Levels
Resistance Levels: $1.970, $2.490
Support Levels: $0.500, $1.180
While the price cranked between the $1.970 level as resistance and the $1.180 level as the demand level, it is glaring that the market tested the resistance level with lesser intensity and length than it dropped to the demand level. This is because the market weighed heavily on the bulls, and they were holding up as best as they could. This was the market’s situation until September 18th, when selling pressure became unbearable.
Hence, Band Protocol has now dropped, albeit slightly below the $1.180 support level. This has led to a weakening of the resolve of the market’s investors, but there remains a chance that the market can be trapped back above the $1.180 support level. Both the RSI (Relative Strength Index) and the Stochastic Oscillator indicators have plunged to the downsides of their charts, respectively, to show a breach of the support level.
Market Expectation
On the 4-hour chart, though the price has dropped below the $1.180 support level, the chart shows that the market is still within the grasp of the buyers and can still be restored above $1.180. Both the lines of the RSI and the Stochastic Oscillator lie above the border of the oversold region, meaning the price is not totally out of range and can even rebound upward. The coin is predicted to rise back to $1.970.
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