Band Protocol (BANDUSD) Is Strongly Bullish
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Market Analysis – BANDUSD Strongly Bullish As It Breaks To The Upside
BANDUSD is strongly bullish as buyers extend their domination of the coin. The bullish advance, which was initially stalled at $6.80, broke through then retested the resistance level in the following days to complete a ‘Break and Retest’ price action model on the chart. The coin’s value has since appreciated 56% in a seven-day bullish rampage, with price only showing signs of weakness once during the run-up.
Key Levels
Resistance Levels: $9.60, $12.50
Support Levels: $4.20, $6.80
Observing the Aroon indicator plotted on the chart, we note that price started to be convincingly bullish after the Aroon indicator bullish line (green) crossed the bearish line (red) to the upside on 29th July. Since this cross-over on the Aroon indicator, price has gone ahead to break the resistance point at $6.80. Also, the bullish line of the indicator has persistently traded at the top 100% point for days. This indicates to us that BANDUSD is strongly bullish.
Observing price with the RSI (Relative Strength Indicator), we note that price is currently trading in the overbought zone of the indicator, consolidating the idea that the bulls still have a firm grip on the market to drive price further up.
We can also observe that price has traded beyond the Envelope indicator set on the chart. The trade-through occurred on 10th August when the bulls resumed hostilities after a brief retest of the $6.80 level and pumped the coin’s value 32% higher in just 24 hours. Price trading through the Envelope indicator is also a positive sign of a strongly bullish coin.
Market Prospects
Our three key indicators show BANDUSD as being strongly bullish. Moving to the 4-hour chart, therefore, we see price has been in a consolidating phase since it made a high at $9.60, with the bears coming into the scene to offer a short-term rejection at this level. 
BANDUSD is seen to be currently trading in the upper zone of the Envelope indicator. The coin looks likely to trade down into the EMA (Exponential Moving Average) at the middle of the Envelope. After this, price is expected to continue its rally from there, to complete a typical Channel Retracement Model. Price trading into the middle of the channel should offer us a juicy entry to join the longs. Also, if the retracement happens in the lower half of our Fibonacci tool on the chart, then we have a double confirmation for the entry.
If BANDUSD continues to be strongly bullish and ends the consolidating phase it is in, we could see the coin break through the $9.60 resistance barrier and $12.5 would be an important zone for price to trade into as well.
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