Band Protocol Might Be Heading For Significant Recovery Action With a Potential Breakout From Falling Wedge

  • 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 
band 1
Source: Tradingview

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. 

band 2
Source: Tradingview

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.  

band 3
Source: Tradingview
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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. 

band 4
Source: Tradingview

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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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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