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- 1 The BAND crypto asset price could bounce back from the current level and achieve the next goal.
- 2 The BAND crypto surged by 0.62% over the last 24 hours, trading at $1.5688.
Band Protocol was launched in 2017 by three co-founders: Soravis Srinawakoon, Paul Chonpimai and Sorawit Suriyakarn.
They have backgrounds in software engineering, web development and competitive programming, and have worked for companies like Ericsson, The Boston Consulting Group, Turfmapp, Tripadvisor, Dropbox and Quora.
They lead a team of 20 other people, mostly based in Asia, who work on design, development and engineering.
Band Protocol has also received funding from prominent investors, such as Sequoia Capital, Dunamu & Partners, Spartan Group and Binance.The main goal of Band Protocol is to provide a fast and efficient way of connecting real-world data to smart contracts on different blockchains.
It uses a decentralized network of oracles that can supply and verify data for various use cases, such as price feeds, sports results, weather forecasts and more. Band Protocol aims to be compatible with any blockchain and smart contract platform, and plans to use Cosmos’ IBC protocol to enable cross-chain data transfer.
However, the IBC protocol is still under development and its launch date is unknown.Band Protocol allows anyone to create and join oracles without permission, and offers a simple interface for smart contract developers to access data from oracles with minimal code.
Band Protocol recently migrated from Ethereum to its own mainnet, called BandChain, which uses a BFT consensus algorithm and a dPOS system to secure the network and the oracles.
BAND tokens are the native tokens of BandChain, and can be used for staking, governance and paying fees. BAND holders can swap their old ERC-20 tokens to native tokens on Binance, and then stake them to nodes to earn rewards.
BAND Protocol Price Analysis on Daily Chart
The BAND crypto experienced a surge of 0.62% in the last 24 hours, trading at $1.5688. The BAND crypto has revealed a sign of bullishness after consolidation as the price rallied from the crucial level of around $1.350.
However, if the demand for the BAND remains high, the asset price could bounce back from the current level. The next goal for the BAND price is to reach $1.70.
The BAND crypto asset is showing bullish traits and can achieve more growth. It has demonstrated good performance in the past week, month, and three months by 11.53%, 3.08%, and 50.97% respectively, indicating a reliable upward trend.
It seems like it is set for a colossal surge ahead, as it gears up to crack the resistance level and rocket to new peaks from the current support zone.
However, if the BAND crypto price fails to stay above the $1.350 level, it could decline further.
The BAND price is higher than the 20-day and 50-day exponential moving averages. The asset is displaying bullish strength and rising tendency as it sustains above major EMAs.
This shows that the EMAs are providing strong support for the BAND price, as they are following the price and stopping it from falling more. Therefore, the BAND price trend is positive and rising.
Summary
The BAND crypto has revealed a sign of bullishness after consolidation as the price rallied from a crucial level of around $1.350 on the charts.
The BAND crypto seems like it is set for a colossal surge ahead, as it gears up to crack the resistance level and rise to new peaks from the current support zone.
Moreover, if the demand for the BAND remains high, the asset price could bounce back from the current level. The next goal for the BAND price is to reach $1.70.
Technical Levels
Support Levels: $1.350
Resistance Levels: $1.700
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
