- 1 The price movement of BAND Protocol was in a rising wedge pattern from October 2023 and it rose greatly.
- 2 On analyzing the trend-based tools, the BAND asset is showing bearish weakness and the potential to fall in value.
Band Protocol, which aims to be compatible with any blockchain and smart contract platform, plans to use the Cosmos IBC protocol to enable cross-chain data transfer.
It lets anyone make and join oracles without permission. Additionally, it delivers an easy interface for creative smart contract developers to integrate data from oracles with little code.
BAND tokens are the original tokens of Bandchain and can be availed for staking, governance, and paying fees. BAND holders can exchange their old ERC-20 tokens for native tokens on Binance, and then stake them to nodes to receive benefits.
The team behind Band Protocol have a strong background in software engineering, web development, and computer programming, and have worked for companies like Ericsson, the Boston Consulting Group, Turfmapp, Tripadvisor, Dropbox, and Quora.
They basically lead a team of 20 other people, mostly 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 provide a swift and effective way of connecting and linking real-world data to smart contracts on numerous blockchains.
It utilizes 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.
The BAND Crypto Price on the Daily Chart
As per the price movement of BAND Protocol, it was in a rising wedge from October 2023 and rose greatly. However, the BAND crypto has shown a sign of strong weakness as the price retreated from a critical level of around $2.300 on the charts.
At press time, BAND is trading at $1.680 with an intraday surge of 1.88% and the price movement shows a pullback buildup for a possible continuation of the downtrend.
Furthermore, the BAND crypto is set for a dismal plunge, as it fails to break the nearest resistance level of $1.85 and could sink to new lows from the current support zone and reach the demand zone.
On analyzing the trend-based tools, the BAND asset is showing bearish weakness and falling potential as it drops below the major 20 and 50-day EMAs.
Moreover, the BAND asset is in a strong downtrend as the MACD has exhibited a bearish crossover. This signifies that the histogram is broadening and a potential for a bigger fall seems quite clear.
The RSI shows no signs of oversold conditions, as it has been above 44, and shows space in the tool as well. This suggests that the BAND asset has more space to fall.
In addition, the BAND asset is showing bearish traits as per the past week’s observation and it slipped by 1.92% during this period. This shows that it can lose more of its value in the coming weeks. However, it has demonstrated a healthy performance in the past month and quarter, but as it slipped the parallel channel, it has indicated the sign of a possible strong downtrend in the form of a pullback, so a reliable downward trend could be witnessed in the upcoming sessions.
Therefore, if the BAND price does not maintain its price at the current level, then a fall seems imminent and could stretch up to the nearest support, which is at $1.350.
On the other side, if the immediate level gets sustained, the buyers will increase and the price could back itself in the parallel channel and the next major resistance could be $2.00.
The BAND asset is showing bearish signs as per the past week’s observation and it slipped by 1.92% during this period. This shows that it can lose more of its value in the coming weeks. However, It has demonstrated a healthy performance in the past month and quarter, but as it slipped the parallel channel, it has indicated a possible strong downtrend in the form of a pullback, so a reliable downward trend could be witnessed in the upcoming sessions.
Therefore, if the BAND price does not maintain its price at the current level, then the fall seems imminent and could stretch up to the nearest support, which is at $1.350.
Support Levels: $1.350
Resistance Levels: $2.000
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.