Lorenzo Stroe
Independent Analyst
- Band Protocol price is contained inside a symmetrical triangle pattern on the 12-hour chart.
- A breakout or breakdown from this pattern will move the digital asset by up to 42%.
- It’s not clear in which direction Band is headed, but the bears seem to have the upper hand.
Band Protocol has been under consolidation for the past three weeks after topping out at $11.45 on January 9 and $11.48 on January 16, establishing a potential double top. Currently, BAND is right in the middle of the pattern and awaits a clear signal to move.
Band Protocol price could slip below $5 if this level cracks
On the 12-hour chart, the symmetrical triangle pattern has formed a support trendline at $8. Losing this level can quickly push Band Protocol price down to $4.7, a 42% move which is calculated using the maximum height of the pattern.
BAND/USD 12-hour chart
The In/Out of the Money Around Price (IOMAP) gives the upper hand to the bears as it shows a lot of resistance ahead. The most significant support area is located between $8.61 and $8.87 with 434,000 BAND in volume. Losing this range of support will push BAND through the $8 support level and below.
BAND IOMAP chart
The resistance area between $9.15 and $9.41 has 1.4 million BAND in volume, which is substantially higher than the support range below. However, a breakout above this point would be notable and likely drive Band Protocol towards $10 as there is weaker resistance ahead. Cracking this level will also push BAND price by 42% towards $14.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin price reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum price holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple price coils up for a move north as XRP bulls defend $0.5000.
Jack Dorsey's Block is under investigation by US Prosecutors for crypto lapses, says NBC
According to a report from NBC on Wednesday, former Twitter CEO Jack Dorsey's company, Block, is under investigation by the US federal government. The allegations against the company are charges of processing transactions linked to sanctioned countries and even terrorists.
Ethereum attempts comeback after Fed decision not to tamper with rates
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana (SOL) price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.