Band Protocol Price Prediction: BAND aims for a 30% upswing after defending key level

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.