Hey Everyone, I hope you’re all doing good. Last month I published Technical Analysis of Serum (SRM). It went up more than 30% within the next 48 hours. Today, I am here with another Technical Analysis. This time of Band Protocol (BAND).
Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources.
It reached an all time high of $17.69 USD on August 10th, 2020 and is currently trading at $5.60 USD. But what now? Let’s do a complete analysis of BAND against both BTC and USDT.
By looking at this chart, we can see that it bounced back off 0.786 mark on Fibonacci Retracement and is currently sitting just above a very strong support zone. The most likely movement from here is upwards.
RSI is also near the 40 mark in daily and 50 mark in weekly giving it plenty of space to run upwards. As per my analysis, we should see an upward move here of around 30% and there we will test a very strong resistance zone at around $7.30.
This should be our first take profit zone and our second take profit zone is at $9.00.
This chart is also showing a similar movement. RSI is bottomed out and currently trading at the lowest point since its crazy boom in August. It should hold on to this support and bounce back off with the first resistance being the 50 day MA, which is pretty strong and I don’t expect it to break at the first time.
So, no crazy bull run for BAND right now, but It should still be good enough for a 20%-30% swing trade.
For a 100% trade in BAND, it need to break the 50 day MA and the long term resistance on BAND/BTC chart.
Below are the links for the weekly charts, In case you want to refer those.
2) BAND/BTC Weekly
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NOTE: It is not a financial advice. Do Your Own Research before opening a trade.
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