Band Protocols’ token BAND has flashed a promote sign on the each day chart to recommend sell-off strain may push its value to $3.89
Cross-chain oracle platform Band Protocol’s token BAND is buying and selling decrease as widespread crypto sell-off bleeds most altcoins.
On the time of writing, the BAND token was buying and selling at $5.84 and prone to head decrease if bears keep the downward strain. The sell-off at present sees Band Protocol’s value printing the third straight purple candle on the each day timeframe.
The destructive outlook is much more ominous for Band Protocol bulls given the promote sign shaped on the each day chart. The TD Sequential indicator suggests the present downswing is prone to push BAND/USD even decrease this time. The final time the each day chart flashed the 9 inexperienced candle, the token’s value crashed from highs of $17.00 to $8.00.
BAND/USDT each day chart. Supply: TradingView
Along with the bearish sign of the TD Sequential, the Relative Energy Index on the each day chart is pointing south to recommend bears nonetheless have the higher hand. Additionally, the token is buying and selling under a brief time period rising trendline shaped since early November.
The above state of affairs means that if the downward strain holds, the subsequent transfer down may very well be a dip to lows of $3.89.
Nevertheless, bulls may nonetheless get well in the event that they preserve costs above the 200-day exponential shifting common (EMA). At the moment, the 200-EMA (each day timeframe) is on the $5.40 degree, which is above the bottom that has held for the previous a number of weeks.
As such, retaining the help zone intact must be the bulls’ main purpose in the event that they want to keep away from extra damages. As famous above, the promote sign portends doom for BAND/USD if the worth breaks under the help offered by the stated shifting common.
BAND/USD 4-hour chart. Supply: TradingView
On the 4-hour chart, the RSI is climbing after flipping earlier than hitting oversold territory. The MACD suggests a hidden bullish divergence as proven by the inexperienced candle within the final session.
This means that an inflow of upside strain from merchants seeking to purchase the dip may push Band Protocol up. If this occurs, the subsequent hurdle on the upside is the 50% Fibonacci retracement ($6.70) after which 61.8% Fibonacci ($7.46) of the transfer from highs of $9.83 to $5.14.
