Band Protocol Price Prediction: BAND whales go on a buying frenzy while technicals suggest sell-off is coming

Band Protocol has just topped out at $17.38, creating a potential triple top as the digital asset hit $17.78 in August 2020 and $17 in September 2020 and then plummeted. Nonetheless, BAND whales went on a buying frenzy and are pushing the digital asset higher, perhaps with enough strength to break the all-time highs.

Band Protocol shows mixed signals while whales continue to accumulate

According to statistics provided by Santiment, the number of whales holding between 10,000 and 100,000 BAND tokens ($170,000 and $1,700,000) has spiked by 18 since January 25 despite the Band Protocol price rising.

BAND Holders Distribution chart

This indicates that BAND has a lot of strength right now. On the daily chart, an ascending triangle pattern seems to have formed since July 2020 with a key resistance level at around $17. A clear breakout above this point would quickly push Band Protocol price towards a new all-time high at $31, an 83% move calculated by using the height of the pattern.

BAND/USD daily chart

On the other hand, the TD Sequential indicator has presented a sell signal on the 2-hour chart right at the key resistance level of $17. Additionally, on the 12-hour chart, the indicator has also printed a green ‘8’ candlestick. 

BAND sell signals

Usually, the green ‘8’ candlestick is followed by a sell signal. Considering that Band Protocol price faces a key resistance level at $17, the bearish outlook has a lot of credence. There is also very low support on the way down and BAND can quickly fall towards $15.