Band Protocol (BANDUSD) Battles 9.60 Resistance to Go Higher In Consolidation Formation
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BANDUSD Key Zones
Resistance Zones: 9:60, 11.00, 12.60
Support Zones: 3.70, 5.50, 3.70
BANDUSD Market Analysis
BANDUSD has repeatedly executed the pattern of consolidation and breakout. It does this by consolidating for some time after which it will break out upwards. The market will then conform to a double top reversal pattern to plunge price. Thereafter, the price will then go through a consolidation phase again and repeat the circle.
A double top reversal pattern was formed from the 9th to 23rd of February 2021 to plunge price. This led to a consolidation phase. There was then a break out on the 31st March 2021 for another double top reversal pattern which led to a fall in price on 19th May 2021. BANDUSD is expected to follow this fall in price with a consolidation phase.
Price Analysis
The price has bounced off the 5.50 support and is expected to break beyond the 9.60 resistance where it currently is to the 11.00 key level. BAND is expected to find a range between these zones.
The RSI (Relative Strength Index) confirms a bullish market movement as it is currently moving up out of the oversold region. Accompanying every consolidation phase on Band Protocol is reduced volatility. The ATR (Average True Range) shows a sharp drop in volatility, falling from 2.63 to 2.37.
On the 4-hour time frame, price is on the ascendency, following an upward channel. Price has retraced within the channel trying to break through the 9.60 resistance. The RSI signal line is at 55.37 showing an active pump in price. The ATR signal line has dropped considerably to 0.74 showing reduced market volatility.
BANDUSD is expected to break beyond the 9.60 resistance and get to the 11.00 zone before falling back.
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