|

Band Protocol Price Prediction: BAND’s recent bullish correction may lead to a 100% upswing

  • Band Protocol price has broken out of a 12-hour inverse head and shoulders pattern.
  • The digital asset has re-tested the previous resistance trendline and it’s ready for a massive rebound.

Band Protocol was forming an inverse head and shoulders pattern on the 12-hour chart since October 2020 and saw a breakout on January 2021. The digital asset managed to climb above $11 from the neckline resistance at $7.4 but has recently dropped to re-test this level again.

Band Protocol price could explode to $14.5 if support holds

The previous neckline resistance level at $7.4 from the inverse head and shoulders pattern is now a robust support level. After the breakout towards $11, the digital asset has plummeted to the neckline and has been able to hold it so far.

band price

BAND/USD 12-hour chart

A successful defense of this critical support level could quickly drive Band Protocol price towards the last price target of $14.55, which is determined by using the height of the pattern from the neckline to the low end of the head.

band price

BAND IOMAP chart

According to the In/Out of the Money Around Price (IOMAP) chart, there is a strong support area between $7.83 and $8.06 as well as $6.85 and $7.10, giving a lot of credence to the bullish outlook and the $7.4 support level. 

band price

BAND Age Consumed

After the significant dip from its high point of $11.45 reached on January 9 to the low of $6.98 seen on January 11, the Age Consumed metric shows a massive spike which indicates there is a good chance the digital asset will experience high volatility in the near future.

band price

BAND Holders Distribution chart

Additionally, it seems that BAND whales have continued to accumulate the cryptocurrency despite the price plummeting. In the past three days, the number of whales holding between 10,000 and 100,000 coins has increased by five. Similarly, whales with 100,000 to 1,000,000 coins have grown by two in the past four days.

Nonetheless, there is a chance that BAND bulls can’t hold the $7.4 level as, according to the IOMAP chart, they are also facing steep resistance between $9.04 and $9.29. Dropping below the $7.4 support level can quickly push Band Protocol price down to $6.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash , MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages (EMA).

XRP slides amid record on-chain activity, mixed technical signals

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual DEX had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.