Band Protocol (BAND), the token that serves the blockchain network for data oracles, has had an absolutely stunning performance this year as its yearly gains against USD stand at 1,113%, even though the market is in the state of deep correction.
BAND historical chart
The DeFi token also did well against Bitcoin - a 956% gain since the beginning of the year, and Ethereum - a 560% advantage over the second cryptocurrency. Last month, however, was colored red for BAND as it lost more than 30% across the board due to the ongoing correction that became a logical conclusion to the parabolic rise that ran its course when the price made a new all-time high at $17.48. BAND has rolled back by 60% since the ATH that fell in line with the developments on the cryptocurrency market and the quieting of the DeFi frenzy.
Band Protocol is currently priced at $7.09 on the backdrop of the 12% gain in the last 24 hours. The market capitalization of the 73rd currency also suffered a significant decrease because of the correction and fell from $344 million to the present $145 million, while the average daily trading volume in the last 30 days fluctuated between $110 million and $330 million, though, at the beginning of July, it was barely exceeding $10 million. It comes to show that the demand for BAND remains high despite the losses, and traders are using the protracted bearish pause to accumulate more tokens before the presumed second phase of the uptrend commences. But the current situation on the macro level dictates that the participants might not see another episode of explosive bullish action for the next two to three months because of the traditional fragility of the cryptocurrency market in autumn.
The situation on the weekly time frame sees the price making the last effort to resolve the big bullish flag pattern to the upside, which might happen if BAND bounces off the middle line of Bollinger Bands in the direction of $12, while the signal line of MACD denies the bearish crossover.
1-week BAND/USDT chart
The bullish scenario would be viable only if this week’s candle closes above the middle line of BB. Should the price drop to the support line at $4.2, the immediate resolution to the upside would be almost impossible. In that case, we could see the consolidation around the psychological zone at $4 that converges perfectly with the 23.6% Fibonacci retracement level that adds some extra support capabilities. If that level gets broken to the downside, the trip below $2 would appear almost inevitable, especially if MACD would go for a bearish crossover.
The daily time frame shows that the buyers are beginning to push back as the current daily candle has risen above the close of all candles in the potential reverse area, depicted on the chart below.
1-day BAND/USDT chart
If the week of price action closes above that area, we could see a bounce to $10 that would bring the price back above the 50 EMA. The possibility of the upside recovery is further increased by the bullish crossover that is about to occur on MACD. In doing so, the price will remain above the 200 EMA, thus increasing the probability of uptrend restoration.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 63.6% | 72 | $95 523.20 | -1.59% | -3.09% | $1 890 429 694 333 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 70.4% | 59 | $3 621.80 | -2.23% | 4.19% | $436 218 097 663 | ||
3 | USDT | Tether predictions | 92% | 1 | $1.000303 | -0.03% | -0.06% | $134 162 795 778 | ||
4 | XRP | XRP predictions | 58.8% | 88 | $2.35 | 22.03% | 55.33% | $134 008 145 144 | ||
5 | SOL | Solana predictions | 65.6% | 74 | $227.22 | -4.39% | -10.92% | $107 963 781 068 | ||
6 | BNB | Binance Coin predictions | 81.2% | 31 | $639.63 | -2.52% | -4.93% | $92 113 151 283 | ||
7 | DOGE | Dogecoin predictions | 55.6% | 93 | $0.414433 | -3.12% | -4.33% | $60 934 659 886 | ||
8 | USDC | USD Coin predictions | 93.6% | 1 | $0.999885 | -0.02% | 0% | $39 953 701 426 | ||
9 | ADA | Cardano predictions | 59.2% | 84 | $1.098899 | 2.62% | 3.22% | $38 555 845 015 | ||
10 | AVAX | Avalanche predictions | 68.4% | 69 | $47.29 | 6.64% | 1.29% | $19 354 282 669 | ||
11 | TRX | TRON predictions | 62.8% | 80 | $0.206824 | -0.55% | -2.23% | $17 849 842 228 | ||
12 | SHIB | SHIBA INU predictions | 58.4% | 94 | $0.000029 | -2.55% | 11.86% | $17 234 033 938 | ||
13 | TON | Toncoin predictions | 69.6% | 62 | $6.50 | -4.09% | 4.64% | $16 548 049 282 | ||
14 | XLM | Stellar predictions | 58% | 89 | $0.517429 | 1.39% | -5.15% | $15 561 708 340 | ||
15 | DOT | Polkadot predictions | 59.6% | 84 | $8.73 | -2.42% | -4.66% | $13 308 222 653 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.