Band Protocol is still stuck in a bearish battle as the sellers remain in control of the market. Despite the coin being generally in consolidation, it is more attached to the support levels of the consolidation levels. The coin is, hence, showing more bearish intentions than the tendency to push up out of the zone.
Band Protocol Key Levels
Resistance Levels: $1.970, $1.480
Support Levels: $1.180, $0.500
Band Protocol dropped to the $1.180 support level on the 15th of May; since then, its best efforts have been the brief rise through the $1.970 resistance level. The price has mostly been ranging between both key levels. Furthermore, BANDUSD is bearish in orientation because it is attached to the consolidation’s support level rather than resistance.
Since mid-August, the coin has stayed in the lower half of the channel, though the tenacity of the $1.180 support level is solely keeping the price afloat. The candlesticks are also trading below the middle line of the Envelope Channel. Nevertheless, the EFI (Elders Force Index) power line around the zero level indicates that the market is more in a state of equilibrium.
Market Expectation
The 4-hour chart shows the price dropping slightly below the $1.180 support level but recovering immediately. Also, the candlesticks have stayed above the middle line of the Envelope until this moment, having gone slightly below it. However, the EFI still indicates it is not all gloom as the powerline is in a positive value, and Protocol is likely to continue its range meaning it will rise to the $1.970 resistance level.
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