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- 1 Major exponential moving averages support the BAND price.
- 2 The BAND price has displayed a sign of revival as it bounced back from a critical level.
Band Protocol is a cross-chain data oracle platform that connects real-world data and APIs to smart contracts. Its native cryptocurrency, the BAND token, has several key roles within the Band Protocol ecosystem.
BAND token holders can stake their tokens to join the platform’s governance, where they have voting rights on protocol updates, changes, and proposals. The tokens can also be used to access specific data feeds on the Band Protocol, allowing developers to create custom data oracles.
Moreover, BAND tokens are used to pay for network fees on the Band Protocol, motivating validators to process transactions and maintain the network’s security.
Band Protocol enhances smart contracts with improved functionalities by providing them with access to trustworthy, externally sourced data without the need for a central authority or single points of failure.
It enables developers to integrate any data they need, covering real-world events, sports outcomes, weather data, random numbers, and more into their smart contracts.
What 3-Months BAND Open Interest Chart Shows?
Band Protocol’s (BAND) open interest is $7.71 Million, as per CoinGlass,and this showed a 6.53% fall from the previous session. The long versus short ratio for 24 hours is 0.9179, which means that there are more longs than shorts. The total number of short positions added in the last 24 hours is $2.01K against the longs of $50.00K.
Therefore, if more OI is generated in BAND, there could be another spectacular rally. This could enable the price to pierce through the resistance level and climb to new levels.
What BAND Price Chart Highlights
The BAND price surged from November 2022, rising higher and higher, generating new peaks and valleys along the way. It displayed a phenomenal growth in the BAND crypto price by February 2023.
Furthermore, it seems like the BAND crypto is on the verge of a clear breakout, as BAND is gathering momentum to shatter the hurdle from the current base zone.
Therefore, if buyers sustain the pressure, the BAND price might surge strongly from the current level. The possible target is $2.00 if the price continues its upward movement. On the contrary, if BAND fails to hold its grip and breaches the $1.00 level, it may fall further.
The BAND Protocol crypto price (BAND) is above the 20, 50, 100, and 200-day EMAs (exponential moving average). The EMA is acting as support, taking the BAND price trend up. Therefore, the price prediction suggests that the crypto price could surge if there is an accumulation of buyers.
Technical Levels
Support Levels: $1.00
Resistance Levels: $2.00
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
