BAND/USD Bearish Price Gets Cut Short

The Band protocol market maintains a flat price for a long period. Since early September, the market faced indecision and lack of interest in traders to buy and sell the token. But on November 3, we see a massive bullish breakout of more than 100% price appreciation. However the price level attained from the buying pressure on 3^rd of November was almost lost in yesterday’s (November 9) market as the price dips to $1.45. That price level is now the support level because of the bullish price recovery in today’s market

Band Protocol Market Price Statistic:

• BAND/USD price now: $1.837
•  BAND/USD market cap: $85,343,870
•  BAND/USD circulating supply:100,000,000
•  BAND/USD total supply: 270,000,000
•  BAND/USD coin market ranking: #194

Key Levels

• Resistance: $2.000, $2.200, 2.400
• Support: $1.500, $1.300, $1.100

Band Protocol Market Price Analysis: The Indicators’ Point of View

On the 3^rd of November as the price skyrockets suddenly, the RSI line measure 90, overbought level of the indicator. Yet, some traders still take long position on November 4 and November 5. It is expected that the price may likely crash, just as it had risen on November 3. And the price falls (with an increasing momentum) from the resistance of $2.811 on the 6^th of November till the 9^th of November. However, the bulls market is bouncing back and it is preventing the price from falling back to the $1.6 price level from where the market had a longterm gridlock. According to the RSI (as it now measures 54.5), the bulls market are ready for more action.

BAND/USD 4-Hour Chart Outlook

Again the buying pressure is cutting short the bearish price at $1.828. This is serving as another support level. And it is higher than the support price level that opens the day trading session. Looks like we will be seeing more of bullish price actions. The MACD negative histograms now shows signs of bullish activities and the MACD line is pulling back due to the demand in the market. The bulls market needs to rise above the Moving Average of the Bollinger to establish  the bullish price and then the price may reach $2.48. But if the price action cannot rise above the MA, the market may enter another price consolidation trend at around the current price

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