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- 1 BAND crypto price is trading below the key moving averages showcasing the bearishness on the daily technical chart..
- 2 BAND crypto is down by almost 22.09% since last month, showing sellers are active in the crypto.
Band Protocol serves as a bridge that brings external data into the blockchain realm, enabling decentralized applications to integrate a variety of real-world information into their systems. This opens up possibilities for developers to incorporate diverse data points like sports results, weather conditions, random digits, and financial data feeds into their DApp functionalities.
Originally debuting on the Ethereum network as an ERC-20 entity in late 2019, Band Protocol underwent a transformation to the Cosmos ecosystem in mid-2020 with its 2.0 version, leveraging the Cosmos SDK to create BandChain. The nodes operating on BandChain play a multifaceted role, not only transmitting data but also participating in the creation and validation of blocks.
The ecosystem’s proprietary token, BAND, plays a pivotal role by acting as a security deposit for validators who process data queries and as the primary currency within BandChain, used specifically for transactions involving confidential data.
BAND Technical Analysis (Daily Chart)
Over the past 30 days, the price of BAND Protocol has decreased by 22%. The bearish trend is still in effect based on the price action, and sellers are attempting to push BAND Protocol crypto prices toward the lower trendline. To move towards the upper trendline, the BAND Protocol must attract buyers. Investors in BAND Protocol crypto should wait for any directional change in the daily timeframe chart.
The decline of BAND crypto price is shown in the BAND Protocol price prediction for the daily timeframe chart. To reach the recovery level of $2.00 followed by $3.00, BAND crypto needs to attract buyers. However, the trading volume has been below average and needs to increase for the BAND Protocol crypto price to sustain at a higher level.
BAND crypto could exceed the 20, 50, 100, and 200-day DMAs. Last month, BAND Protocol price fell decreased by 22%, and in the last three months, it fell 3.36%. Although it has gained around 16% in the last six months, it has lost 26% year-to-date. This confirms that BAND crypto is expected to remain bearish in upcoming sessions.
If the BAND Protocol price manages to sustain its current level, it is likely to continue rising and hit its first and second targets of $1.500 and $2.00. However, if the price of BAND falls and fails to maintain this level, it might hit the nearest support levels of $1.00 and $0.800.
Currently, BAND Protocol crypto (USD: BAND) is trading above the 50 and 200-day SMAs (Simple Moving Averages), are supporting the price trend. However, if more selling volume adds up, the price may break below the supporting SMAs by making lower highs and lows. Therefore, according to the daily time frame chart, the BAND price is expected to move downwards, giving bearish views.
Technical indicators suggest the downtrend momentum of the BAND crypto price. The relative strength index showcases the downtrend momentum of BAND Protocol crypto. RSI was at 39 and is heading towards the neutral to be oversold.
Summary
BAND Protocol’s price has decreased by 22% in the past 30 days, and the bearish trend is still in effect. The crypto needs to attract buyers to move towards the upper trendline. However, the trading volume is below average, and it needs to increase for the BAND Protocol crypto price to sustain at a higher level. The BAND crypto is expected to remain bearish in upcoming sessions, and if it fails to maintain its current level, it might hit the nearest support levels of $1.00 and $0.800. Technical indicators including MACD and RSI confirm the negative momentum.
Technical Levels
Support Levels: $1.00 and $0.800
Resistance Levels: $2.00 and then $3.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
