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- BAND, ranked as the top four oracle tokens as per market capitalization, has been preparing itself for an upward journey giving investors a fantastic buying opportunity
- In late February this year, BAND rode past its ATH, which was established in August of last year
Taking a look at the weekly time frame, BAND has formed a very evident cup and handle pattern and can usher towards a breakout any time from now. As soon as the breakout is confirmed, this token will lure new investors into buying a decent price range. Early investors must’ve noticed that BAND had encountered a similar scenario as the token had also formed a cup and handle pattern back in 2020. This had caused the token to skyrocket by more than 8651% in just one year. Today, this BAND price is sitting right at the significant resistance level of $17.03. What’sWhat’s impressive about this token is the lackluster performance it has been giving for the past couple of months. It did not explode upwards in the near-immediate term. Instead, it retraced to confirm the ATH area as support to consolidate sideways, making it one of the less volatile cryptocurrencies. Other than that, we can observe a considerable bullish divergence that merges with the 20 week SMA and is represented in the middle of the Bollinger bands. Additionally, the Stochastic RSI is promising to form a positive cross upwards.
SOLID MARKET STRUCTURE GOING FORWARD
We can see that BAND has confirmed one year upwards diagonal trend line on checking out the daily time frame. On top of that, we can see that the token has formed an ascending triangle chart pattern and is currently proceeding towards the apex. These patterns are typically bullish, and if we break higher, the price could soar to new levels. Meanwhile, we also find support in the 39 to 40 range in the daily RSI.
The price of BAND is above significant EMA levels that aim to provide vital support to this token. The critical levels of support to consider are $16.12 (20 EMA), $14.68 (50 EMA), and $10.54 (200 EMA).
MACD is giving bullish signals at the 0.97 range.
CONCLUSION
Considering all these factors, we can confirm that LINK is on its way to plummet even higher. BAND is likely to achieve the target of $50 during this market cycle (FIB 1.618). Another supporting factor is that this project’s market capitalization is way lower than CHAIN LINK- which currently dominates the oracle sector, and the price of both these tokens is relatively closer. Those who are new can consider going long on this asset.
SUPPORT : $16.12, $14.68 and $10.54
RESISTANCE : $20.38 (ATH), $18.27 and $17.03
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
