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- 1 The BAND crypto has displayed a sign of decline and the price fell from a critical level.
- 2 This crypto asset has exhibited bearish features in the last weeks and can reach lower levels.
Band Protocol strives to be compatible with any blockchain and smart contract platform and intends to use Cosmos IBC protocol to enable cross-chain data transfer.
It allows anyone to create and join oracles without permission. Besides, it offers a simple interface for smart contract developers to access data from oracles with minimal code.
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.
They hold backgrounds in software engineering, web development, and competing programming, and have operated for companies like Ericsson, the Boston Consulting Group, Turfmapp, Tripadvisor, Dropbox, and Quora.
They basically, lead a team of 20 other people, mainly based in Asia, which 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 objective of Band Protocol is to furnish a quick and effective way of connecting and linking real-world data to smart contracts on various blockchains.
It basically, uses a decentralized network of oracles that can provide and validate data for various use cases, such as price feeds, sports results, weather forecasts, and more.
BAND price is Breaking the Rising Channel Pattern
The BAND protocol crypto asset rose from $1.00 to $2.50 in the span of the last three months. However, reaching at top, the BAND crypto has displayed a sign of decline and the price fell from a critical level of around $2.5 on the charts.
The BAND crypto is headed for a steep drop, as it meets the resistance level and falls to the current trendline support zone.
The BAND asset has fallen steadily and strongly as it declined below major 20-day and 50-day EMA’s, indicating bearish weakness.
The BAND asset is showing bearish momentum as MACD highlights a bearish crossover and the RSI is falling steadily as well, indicating that the BAND crypto is not gaining steam and can continue to drop lower.
The BAND crypto asset has exhibited bearish features in the last weeks and can reach lower levels. If the negativity keeps on surging on the chart, the crypto could display poor performance in the upcoming sessions and could show a strong downward force.
At the time of publishing, the BAND price has faced a decline of 1.16% in the last intraday session and the current market price is $1.700.Therefore, if BAND crypto plummets and breaks below levels and EMA’s simultaneously, it could go up to $1.500.
However, on the different side, if the BAND Protocol crypto surges from its current level, the price could go higher and could reach $2.500 back, and even further as well.
Summary
The BAND crypto is headed for a steep drop, as it meets the resistance level and falls to the current trendline support zone. The BAND asset has fallen steadily and strongly as it declined below major 20, and 50-day EMA’s, indicating bearish weakness.
The BAND asset is showing bearish momentum as MACD highlights a bearish crossover and the RSI is falling steadily as well.Therefore, if BAND crypto plummets and breaks below levels and EMA’s simultaneously, it could go up to $1.500.
Technical Levels
Support Levels: $1.500
Resistance Levels: $2.500
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.
