Lorenzo Stroe
Independent Analyst
- Band Protocol price is contained inside an ascending wedge pattern on the 4-hour chart.
- The digital asset faces only one crucial resistance barrier.
- BAND bulls have just defended a critical support level and aim for a massive breakout.
Band Protocol price has been trading inside a significant uptrend on the 4-hour chart and just defended a support level that could lead to a rebound and breakout towards $18.5. Technicals suggest that BAND faces weak resistance ahead.
Band Protocol price eying up a massive 30% breakout to $18.5
On the 4-hour chart, Band Protocol has established an ascending wedge pattern and bulls have just defended the 50-SMA support level at $12. A rebound from this point can quickly drive Band Protocol price towards the upper trendline at $14.
BAND/USD 4-hour chart
The In/Out of the Money Around Price (IOMAP) chart indicates that only one crucial resistance area lies ahead between $12.81 and $13.19 where 180 addresses purchased 1 million BAND tokens. The IOMAP model shows no barriers at around $14 which means a breakout above the upper trendline of the wedge pattern is likely and has a price target of $18.5.
BAND IOMAP chart
However, on the 6-hour chart, the TD Sequential indicator presented a sell signal earlier which gives credence to the upcoming signal on the 9-hour chart. Validation of the call can lead Band Protocol price down to $12.
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