The $2.4 price level is a major resistance in the Band Protocol market. After the bullish price fell below the level in early November, it could not reach that level since then. However, on December 1, the bulls attempted to beat the price level, but they failed as selling pressure lowers the resistance level to around $2.19. The bulls made another attempt in today’s market, aiming at the $2.4 level. Yet again, the bullish price was cut short, and the price fell back to around the $2.19 level.
Band Protocol Market Price Statistic:
- BAND/USD price now: $2.2
- BAND/USD market cap: 75,088,002
- BAND/USD circulating supply:35,191,821.00
- BAND/USD total supply: 100,000,000
- BAND/USD coin market ranking: #253
- Resistance: $2.5, $3.0, $3.5
- Support: $2.0, $1.5, $1.0
Band Protocol Market Price Analysis: The Indicators’ Point of View
As the proximity between the supply zone and the demand zone increases, this creates a kind of symmetrical triangle wedge pattern for the price action on the daily chart. The two forces are becoming evenly matched at around the $2.19 price level. This can result in a period of price consolidation. The Bollinger band indicator also agrees with this sentiment as it portrays a narrowing price channel that is moving horizontally along the price line.
BAND/USD 4-Hour Chart Outlook
The RSI indicator and the MACD indicator portray the market moving sideways. Also in the second session, the selling price was responsive to the strong bullish move. And after this, the market enters into a period of indecision. The market is consolidating again.
It looks like the Band Protocol market is consolidating at a higher price level. The market in October was also a consolidating market but at a much lower level. A trending market creates more opportunities for traders than a consolidating market. This is not the case with the Dash 2 Trade project. With Dash 2 Trade, It is now easy for all traders and investors to stay in the loop with all the events affecting cryptocurrencies; thanks to our groundbreaking Dash 2 Trade platform. You will not miss any important events on the cryptocurrency market, because the platform helps you stay on top of your trading game. The D2T presale dashboard is launching soon as the product dev is ahead of schedule. In the ongoing presale, almost $8.5 million has been raised.
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