Band Protocol price moves closer to rebound territory as it sits on top of stable support
- Band Protocol price is currently just above a critical support level at $5.55.
- Several indicators suggest that the digital asset could be on the verge of a significant upwards move.
Band Protocol price formed a robust support level at $5.55, which was tested several times since November 8. Successfully defending it again could drive Band Protocol price to higher highs on the 4-hour chart.
BAND awaits potential buy signal
On the 4-hour chart, the TD Sequential indicator has presented a red ‘8’, which is usually followed by a buy signal. Band Protocol price is currently $5.61, just above the critical support level at $5.55.
BAND/USD 4-hour chart
Bulls have extra support as the 200-SMA is also located at $5.61, adding more strength to the support level at $5.55. The In/Out of the Money Around Price (IOMAP) chart confirms this theory as it also shows a significant support area between $5.44 and $5.61.
BAND IOMAP chart
Around 470 addresses purchased 1.89 million BAND inside the robust support range mentioned above. On the other hand, there seems to be very little resistance until $6.50, which would be the initial price target if the buy signal is confirmed.
However, because the support level at $5.55 is so strong, a breakdown from this point would be an extremely bearish signal, most likely driving Band Protocol price to the low of $4.85 established on November 7.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
