- Band Protocol sell signal comes on as the double-top pattern puts pressure on the price.
- BAND/USD path of least resistance is currently downwards; bulls anticipate support at $14.
After trading an incredible week, Band Protocol is facing the ultimate test that will see it either continue with the uptrend or succumb to increased selling pressure. The token has from August 22 scaled above several barriers. Prior to the bullish reversal, BAND suffered significant losses from $18.23 (August high). Support was embraced around the $10 level, which eventually gave way for the bullish action posted in the last couple of weeks.
At the time of writing, a retreat has already begun to take shape. Besides the negative impact of a double-top pattern, technical levels in the daily range highlight a strengthening bearish grip. For instance, the RSI is gradually moving downward after failing to cross into the overbought region during BAND’s second approach towards the barrier at $18.
The impact of a double-top pattern could be detrimental to the progress made by the crypto in the last couple of weeks. Therefore, establishing support above $14 could give bulls ample time to gather the strength needed to keep the uptrend intact.
The stalled price action and the impact of the double-top pattern continues to numb the momentum emanating from the recent partnership news between Band Protocol and Tron. The partnership will see the two networks explore Scalable Oracle Technology as well as ecosystem integrations. Tron has in the recent past been championing integration with the DeFi ecosystem and this partnership pulls it closer to achieving the goal.
BAND/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.