- Band Protocol has been on a bullish trend since the starting of the year rallying from $6.00 to the resistance zone of $10.50
- However, the testing of the resistance zone is resulting in moderate corrections for the price levels resulting in a negative performance of -9.00% during the current market session
- The BAND/BTC pair also turned negative with a loss of -9.05% bringing the current level to 0.0002642 BTC
On the technical chart, Band Protocol has formed a falling channel pattern due to the moderate corrections faced from the resistance mark of $10.50. The price levels are forming lower highs on the chart, however, constantly testing the upper range of the channel. A positive breakout from this channel can put the cryptocurrency in a significant bullish trend and also provide a positive crossover above the resistance level of $10.50. A signal for the bullish trend can be considered when the price levels give a positive breakout above 0.5 and 0.786 fib levels, respectively.
The moving average convergence & divergence (MACD) has given a bullish crossover indicating that the levels might have a positive breakout above 0.5fib level in the upcoming trading sessions. MACD levels haven’t shown any significant signs of retracement on the chart reflecting on the strong bullish sentiment prevailing for Brand Protocol in the market. Once the breakout is witnessed, the bulls can target the 1.618fib level for a further uptrend in the cryptocurrency.
On the Moving Averages, 20-EMA has given a positive crossover against 50-EMA and 100-EMA respectively providing bullish signals for Band Protocol. The 20-EMA hasn’t shown any significant signs of retracement indicating that Band Protocol is in the major potential to have a positive breakout from the upper range of the falling channel pattern.
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