BANDUSD Is Trapped Within Consolidation as It Bounces Within Range.
June 9, 2021
#Band Protocol#BANDUSD#Consolidation#Price Chart#Technical Analysis
BANDUSD consolidation has commenced since the 21st of May 2021. It dropped below the resistance level at $9.700 and continued to dip until it struck the support zone at $6.300. It posted a wick below the level but the bulls took over.
Price has failed consistently to break out of the resistance zone. The market’s rally from the support zone was stopped on the 26th and 31st of May as well as on the 3rd of June. The Demand zone has also been properly secured three times since the 23rd of May. The tussle between the buyers and sellers has kept the market within a consolidation.
BANDUSD Key Levels
Support Levels: $4.450, $6.300, $14.900
Resistance levels: $9.700, $19.450, $20.850
What to Expect From BANDUSD Consolidation
The four-hour chart has shown a downward descending channel. The coin is currently ruled by the buyers since the last touch on the lower border. The market is almost in the middle of the range at 0.5 on the Fibonacci. This currently poses higher risk for entry. An entry is therefore expedient at lower levels around the border. This would enable safer entry for a long.
The RSI (Relative Strength Index) indicator is currently at the midpoint. It lies at the 50.05 mark as at the point of writing on the four-hour chart. This correlates with the current price position within the range.
The market is likely to fill up the descending channel before reaching for the resistance again at $9.700. The consolidation on BANDUSD would be broken when BAND gains strength against the Dollar which would likely skyrocket price to $14.900. If BAND weakens against the dollar, the consolidation would breakout lower to the next support zone at $4.450.
Note: Cryptosignal.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.