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Price Analysis: BAND dips to $5.20 after altcoin sell-off

Band Protocols’ token BAND has flashed a promote sign at the day by day chart to signify sell-off drive may push its worth to $three.89

Move-chain oracle platform Band Protocol’s token BAND is buying and selling decrease as well-liked crypto sell-off bleeds maximum altcoins.

On the time of writing, the BAND token was once buying and selling at $five.84 and more likely to head decrease if bears care for the downward drive. The sell-off recently sees Band Protocol’s worth printing the 3rd immediately purple candle at the day by day time frame.

The unfavorable outlook is much more ominous for Band Protocol bulls given the promote sign shaped at the day by day chart. The TD Sequential indicator suggests the present downswing is more likely to push BAND/USD even decrease this time. The ultimate time the day by day chart flashed the 9 inexperienced candle, the token’s worth crashed from highs of $17.00 to $eight.00.

BAND/USDT day by day chart. Supply: TradingView

Along with the bearish sign of the TD Sequential, the Relative Power Index at the day by day chart is pointing south to signify bears nonetheless have the higher hand. Additionally, the token is buying and selling underneath a brief time period emerging trendline shaped since early November.

The above situation means that if the downward drive holds, the next step down generally is a dip to lows of $three.89.

Then again, bulls may nonetheless get well if they preserve costs above the 200-day exponential shifting moderate (EMA). These days, the 200-EMA (day by day time frame) is on the $five.40 stage, which is above the bottom that has held for the previous a number of weeks.

As such, conserving the enhance zone intact will have to be the bulls’ number one function in the event that they need to keep away from extra damages. As famous above, the promote sign portends doom for BAND/USD if the associated fee breaks underneath the enhance supplied by means of the stated shifting moderate.

BAND/USD Four-hour chart. Supply: TradingView

At the Four-hour chart, the RSI is hiking after flipping prior to hitting oversold territory. The MACD suggests a hidden bullish divergence as proven by means of the fairway candle within the ultimate consultation.

This implies that an inflow of upside drive from buyers having a look to shop for the dip may push Band Protocol up. If this occurs, the following hurdle at the upside is the 50% Fibonacci retracement ($6.70) after which 61.eight% Fibonacci ($7.46) of the transfer from highs of $nine.83 to $five.14.

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