Band Protocol (BANDUSD) Lays Low Under Bearish Pressure
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Band Protocol Analysis – The Market Lays Low Under Bearish Pressure
Band Protocol lays low under bearish pressure. This comes after the buyers could not stage a comeback despite the tussle that happened above the $3.050 significant level. The $5.800 critical level acted as a resistance to prevent the level from pushing upward. The result is that the coin slides below the $3.050 price level and lays low above the $1.300 support.
Band Protocol Key Levels
Resistance Levels: $3.050, $4.400
Support Levels: $1.300, $0.005
Over the past 12 months, the market trend has been appropriately bearish, with the market making consistently lower lows. However, it is observed that at random intervals, the buyers seem to strengthen and confront the bearish trend. But this always ends in favour of the market sellers. The most recent instance of such happened from February to May.
After the consolidation period, the market is seen to dip below the $3.050 support level, where it now lays low on the $1.300 demand level. The bulls are trying to take the initiative. This is seen as the daily candles rise above the middle line of the Envelope indicator. The RSI (Relative Strength Index) line is undulating upward.
Market Expectation
The 4-hour chart magnifies the effort of the buyers to push back bearish pressure. Therefore, the candles are trying to stretch the upper line of the Envelope indicator. Even though the RSI line is undulating, it is making a consistent higher low. This still points to the progress being made by the buyers. Band Protocol is expected to reach for $3.050.
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