Price Analysis: BAND dips to $5.20 after altcoin sell-off

Band Protocols’ token BAND has flashed a promote sign at the day-to-day chart to indicate sell-off drive may just push its value to $three.89

Move-chain oracle platform Band Protocol’s token BAND is buying and selling decrease as well-liked crypto sell-off bleeds maximum altcoins.

On the time of writing, the BAND token was once buying and selling at $five.84 and more likely to head decrease if bears care for the downward drive. The sell-off lately sees Band Protocol’s value printing the 3rd directly pink candle at the day-to-day timeframe.

The detrimental outlook is much more ominous for Band Protocol bulls given the promote sign shaped at the day-to-day chart. The TD Sequential indicator suggests the present downswing is more likely to push BAND/USD even decrease this time. The remaining time the day-to-day chart flashed the 9 inexperienced candle, the token’s value crashed from highs of $17.00 to $eight.00.

BAND/USDT day-to-day chart. Supply: TradingView

Along with the bearish sign of the TD Sequential, the Relative Energy Index at the day-to-day chart is pointing south to indicate bears nonetheless have the higher hand. Additionally, the token is buying and selling under a brief time period emerging trendline shaped since early November.

The above situation means that if the downward drive holds, your next step down can be a dip to lows of $three.89.

Alternatively, bulls would possibly nonetheless recuperate if they preserve costs above the 200-day exponential transferring reasonable (EMA). These days, the 200-EMA (day-to-day timeframe) is on the $five.40 stage, which is above the bottom that has held for the previous a number of weeks.

As such, maintaining the make stronger zone intact must be the bulls’ number one function in the event that they need to keep away from extra damages. As famous above, the promote sign portends doom for BAND/USD if the fee breaks under the make stronger supplied by way of the mentioned transferring reasonable.

BAND/USD Four-hour chart. Supply: TradingView

At the Four-hour chart, the RSI is mountaineering after flipping sooner than hitting oversold territory. The MACD suggests a hidden bullish divergence as proven by way of the golf green candle within the remaining consultation.

This implies that an inflow of upside drive from investors taking a look to shop for the dip may just push Band Protocol up. If this occurs, the following hurdle at the upside is the 50% Fibonacci retracement ($6.70) after which 61.eight% Fibonacci ($7.46) of the transfer from highs of $nine.83 to $five.14.

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