- Band Protocol is currently setting its pace for a potential significant recovery action after reaching a critical support area of $3.80
- The price levels had a positive breakout above the crucial mark of $6.00 on Tuesday’s market session, signaling a bullish move
- The BAND/BTC pair is also performing significantly positive with an overall gain of 4.26%, bringing the current level to 0.00035970 BTC
The price levels of Band Protocol on the monthly chart forms a falling wedge pattern as it made its all-time-high around the bullish mark of $15.00. After that, the levels faced substantial corrections and dropped abruptly, breaking down to the crucial support level of $3.80. The band is getting close to a breakout within the pattern; however, there is still no clear direction. For a positive escape, the price levels need to have a positive breakout above $8.91, which will also help break the pattern positively. On the other hand, if it faces rejections, later on, the support point can be placed at $4.06, resulting in price levels continuing its movement within the falling wedge pattern.
The price levels are trading well above EMA-20, which could be acting as a support line later on if the price levels take a bullish turn from here. On the other hand, EMA-100 is still showing any significant direction as the CMP trades below it.
The moving average convergence & divergence is still showcasing weakness in the levels after a strong bearish crossover. The levels are showcasing a potential to gain bullish levels after a bullish crossover.
The relative strength index (RSI) showed a sharp positive divergence avoiding the negative dip towards the oversold region. The current levels stand at 76.28 and move positively towards the oversold territory.
As the price levels still trade within the falling wedge pattern, we can expect a little more negative momentum from the crypto asset before a potentially significant positive breakout. The price levels will be having supports placed at $5.50 and $3.80, respectively.
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