Momentum Is Low in the Band Protocol (BANDUSD) Market
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Band Protocol Analysis – Momentum Is Low in the Market
Momentum is low in the Band Protocol market as the price lies low on the $1.300 demand level. Bears have crashed the market to this level, and there has since been no response from the buyers. The $1.300 demand level is acting as strong support to keep the coin from a free fall. Bulls are expected to revive themselves at some point if the demand level doesn’t become overwhelmed by the bearish push.
Band Protocol Key Levels
Resistance Levels: $3.380, $4.200
Support Levels: $0.005, $1.300
Going by the trend of market movement since the middle of last year, the price is set to drop lower. This is evident in the way the market is making a step-wise plunge, thereby making consistent lower lows and lower highs. Band Protocol is seen to spot many of the head-and-shoulder market reversal patterns, by which it breaks obstinate demand levels to plunge the price.
The market is now at a critical price level. If the coin fails to hold above this $1.300 demand level, it will match its all-time lowest point at $0.005 and could even surpass it. The Momentum indicator line with its lack of volatility, already shows that the market’s momentum is very low. The Bollinger Bands also squeezes around the daily candlesticks. This could keep the coin in consolidation, ready for a breakout.
Market Expectation
On the 4-hour chart, the price seems to be gradually pushing up from the support level, but the coin still moves with low momentum as indicated by the Momentum indicator. A lot of force has to be exerted by the buyers to at least reach the $3.380 resistance. But the most likely outcome is that the price will plunge to its all-time lowest price level.
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