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When the price broke the consolidation trend in early November, it was with a very strong bullish move. The price hits the $3.000 level, but, the Band protocol buyers became unable to sustain the trend as they could not break the $3.000 resistance. Bearish activities were revived as the bullish momentum now wanes. Over the next few days, sellers had the upper hand and the price retraces the $1.000 price level which is the point at which the market had suffered long-term indecision in the previous month.
Band Protocol Market Price Statistic:
- BAND/USD price now: $1.7
- BAND/USD market cap: $61,054,596
- BAND/USD circulating supply:35,191,821.00
- BAND/USD total supply: 100,000,000
- BAND/USD coin market ranking: #278
Key Levels
- Resistance: $2.0, $3.0 $4.0
- Support: $0.5, $0.3, $0.2
Band Protocol Market Price Analysis: The Indicators’ Point of View
As the price slides downward, buyers continue to make efforts to salvage the bullish price, but the bears prove stronger. However, the bulls were able to secure a higher support level for the market. On November 10, the market takes off from the $1.44 price level with a strong bullish move, but the bulls fail again to sustain the move. In today’s market, the bulls seek another support level and it is higher than the one on November 10. But the bearish resistance has also shifted to a lower level. With the converging price channel, the market activity is forming a triangle pattern. And it is a sign that the market is going into a consolidation period again. The indicators used for the analysis also portray the market slightly below the bullish zone. This means that sellers are more aggressive than buyers. But if the market should have another bullish run the tide will turn in favour of the buyers.
BAND/USD 4-Hour Chart Outlook
In this smaller timeframe, the bears are dominating the market. The market activities are below the 20-day moving average. The momentum according to the Relative Strength Index measures 32. However, the MACD shows a bullish recovery sentiment as the negative histograms now appear in faded red.
The Band protocol market is settling for some period of indecision as the two forces in the market get even. This cannot be the case with the new Dash 2 Trade (D2T) token. It is a platform that promises a massive and profitable return on investments. For instance, the Dash 2 Trade platform would have red-flagged the FTX disaster because the Dash 2 Trade platform is an innovative bundle of tools: analytics, metrics, signals, auto-trading, and analysis tools. Right now D2T presale is on and it has raised close to $7 million.
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