Band Protocol (BANDUSD) Remains Within the Range of the $1.180 Key Zone
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Band Protocol Analysis – The Price Remains Within the Range of the $1.180 Price Level
Band Protocol remains within the range of the $1.180 key level. The coin has been fluctuating within this range for several days, which stretches as far back as mid-August. The price spent several days above the key level, and it slipped below the key level till today. According to several indicators, the general bearish sentiment of the market is evident. The $0.500 support level is looking like the next stop.
Band Protocol Key Zones
Resistance Levels: $1.180, $1.970
Support Levels: $0.500, $0.925
Band Protocol broke downwards around mid-May. Even though the price stabilized above the same $1.180 key level, the buyers could not influence the market due to a barrier at $1.970, which kept pushing back the price. This trend continued into October. All the while, the price gravitated towards the support level more than the resistance level.
In early August, the market was pumped up to give the $1.970 key level a serious test, but it still ended up as a rejection. Since then, the price has dropped and is stuck at the support level. Furthermore, the candles have slipped to the underside of the price level but remain within the range. The Momentum indicator shows no significant movement in any direction but maintains a steady sideways flow.
Market Expectations
An early indication of the drop in the market is that it has also slipped below the middle line of the Envelope indicator on the daily chart. However, on the 4-hour chart, the coin is fluctuating and trying to get back above the middle line. Even though the Momentum indicator is undulating on the 4-hour chart, it shows a slight upward trend. If Band Protocol will climb back upwards, it has the task of rising above $1.180 and the envelope middle line. A failure to do this and fast means it will likely drop to $0.500.
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