Band Protocol strategic partnership with NEAR for sharding technology could bolster BAND price toward $20

  • Band Protocol collaboration with NEAR to increase transaction throughput and scaling.
  • Developers will have access to decentralized oracle solutions for their Open Finance and Open Web needs.
  • BAND has been listed on hitBTC, a move that is likely to jumpstart upswing toward $20.

Band Protocol has announced a new partnership with NEAR, one of the leading decentralized application projects that execute on the 'sharding' technology. This collaboration will see a higher throughput and scaling for Band Protocol.

Band Protocol and NEAR partnership gives developers access to Oracle solutions

Band Protocol plans on bringing "critical oracle infrastructure to secure a decentralized application platform designed to manage high-value assets like money or identity." The collaboration's main aim is to a platform that offers flexibility to developers desiring to build on Open Finance and Open Web. According to the co-founder at NEAR, Illia Polosukhin:

Secure and decentralized oracle systems are critical for enabling Open Web. The integration of NEAR with Band Protocol will offer developers a scalable decentralized oracle solution which is extendable to create custom oracle scripts for any external data source or API.

Band Protocol battles rising selling pressure

HitBTC has added support for Band Protocol as a trading asset. The trading pair will be BAND/BTC. Support on exchanges always has a positive impact on an asset because it results in higher trading volume, pushing the price higher.

In the meantime, BAND faces increased overhead pressure, leaving the ascending parallel channel lower boundary support vulnerable to losses. The declines are not unique to Band Protocol, but the crypto market is reacting to the news that India is revisiting the proposed bill on banning cryptocurrencies.

The news of the strategic partnership and the support on HitBTC could change the Band Protocol course in the near term as fundamentals become stronger. Recovery above the 50 Simple Moving Average (SMA) would encourage more buyers to join the market. Moreover, gains above the channel's middle boundary will pave the way for gains eyeing $20.


BAND/USD 4-hour chart

It is worth noting that if the channel's lower edge's immediate support is broken, Band Protocol may abandon the upswing toward $20 and continue with the breakdown to $10.5. The Relative Strength Index (RSI) shows that sellers still have the most control over the price.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Nightmares repeat as BTC flash crashes

Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC. Ethereum price dropped only $270 and is in recovery mode. Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.

More Cryptocurrencies News

Polygon sets sights on new all-time high despite recent flash crash

MATIC price shows a massive spike in buying pressure that has undone the recent crash. A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287. A breakdown of the support barrier at $0.872 will invalidate this uptrend.

More Polygon News

Ripple struggles to break through stiff resistance

XRP price seems to have suffered from the sell-off caused by Elon Musk's announcement that Tesla stopped accepting cryptocurrency payments. XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

More Ripple News

Tesla ditches Bitcoin as payment but may accept Dogecoin instead

Dogecoin price plunged by over 25% in the past 24 hours, reaching a low of $0.38. DOGE fell in tandem with the rest of the crypto market following Elon Musk's announcement that Tesla is suspending vehicle purchases using Bitcoin. The meme-coin could be awaiting a recovery if Tesla decides to accept DOGE as payment instead. 

More Dogecoin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast