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. 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto carnage continues to unfold

Bitcoin price has witnessed a massive crash over the past week, undoing the gains seen since July 25. Ethereum, Ripple and other altcoins have followed suit, experiencing an even worse crash. 

More Bitcoin News

Solana price likely to crash by another 15% as crypto markets nosedive

Solana price has seen a massive downward trend over the past week and things are likely to remain bearish. This bearish outlook is seen across all of the crypto markets as Bitcoin crashes. SOL is also likely to continue its descent until it finds a stable support level.

More Solana News

MATIC price could retest $1 as Polygon breaches a year old support

MATIC price has sliced through a crucial support area, flipping it into a resistance barrier. As Polygon trades around a familiar foothold, there is a chance market makers might drag the altcoin lower in hopes of collecting liquidity.

More Polygon News

Three reasons why Decentraland could boost value of Ethereum network

A rise in the sale of digital real estate on Decentraland could increase Ethereum valuation. Analysts believe that virtual real estate sales could continue climbing higher in 2022. 

More Decentraland News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis