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Trading in the Band Protocol market has been somewhat lifeless since around the 5th of June until the previous trading session. However, today’s trading has brought the token a significant amount of profit. Therefore, this effectively communicates that this token may have broken its consolidative mood.
BAND Statistics
Band Protocol Value Now: $1.336
Band Protocol Market Cap: $167,470,544
BAND Circulating Supply: 127,748,077
BAND Total Supply: 136,548,077
Band Protocol CoinMarketCap Ranking: 154
Major Price Levels:
Top: $1.336, $1.400, and $1.450
Base: $1.300, $1.250, and $1.200
Band Protocol Maintains Upside Promise Despite Downward Correction
The Band Protocol price has moved considerably today, and, as earlier stated, seems to have broken the deadlock of a sideways market. However, it appears that such sudden price surges have drawn the attention of buyers who had bought into the market at lower price marks and are now exiting the market.
Despite this, it appears that price action is still clinging to the upside path. The last price candle here can be seen bearing a long shadow, which indicates that bears are pulling the market to their side. However, the current price level remains above the 9- and 21-day Moving Average (MA) lines. Also, the Relative Strength Index (RSI) curves are still facing the upside following a recent crossover. Consequently, this points out that this market still has some upside potential.
BAND Seems to be Bleeding Out Profits
The BAND 4-hour market is revealing that bears are already causing some losses to bull traders. And, unless we don’t have more traders siding with bears, things might get ugly for bulls in this market. Price action crossed above the MA lines about two sessions ago. However, due to the sudden price surge in the ongoing 4-hour session, bear traders are causing considerable setbacks to price action.
The last price candle has corrected the price action towards the support at 1.330. Nevertheless, recent price action remains above the 9- and 21-day MA lines. Meanwhile, the RSI indicator is now at the initial stage of a downward crossover. This implies that the downward correction may continue towards the 1.260 mark should bulls fail to find a strong foothold at this point.
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