Band Protocol Price Poised for 276 Surge Amid Emergence of Bullish Wedge Pattern

Band Protocol (BAND) has made significant progress in the cryptocurrency industry, with recent developments highlighting the project’s commitment to expansion. There are unconfirmed reports on social media that suggest Synthetix may be working on integrating Band Protocol, which could potentially lead to a bullish trend for BAND price. The Band Protocol token has formed a bullish technical pattern known as the falling wedge. This pattern consists of converging trend lines that connect lower highs and lower lows, resulting in a narrowing shape that slopes downward. The falling wedge pattern typically indicates that the price of an asset is consolidating in a downtrend but losing bearish momentum and preparing for a potential reversal to the upside. The breakout from the wedge usually occurs in the direction of the overall trend, which in this case is upward. Traders estimate the price target of the falling wedge pattern by measuring the widest part of the wedge at the beginning of its formation and projecting this distance upward from the breakout point. A higher trading volume during the breakout confirms the reliability of the breakout. Based on technical analysis, it is predicted that the Band Protocol token price could rally over 276% and reach a theoretical price target of around $4.6. However, it is unlikely that the token would immediately reach this target after confirming the pattern. Breaking out of the wedge setup could attract more buying pressure, allowing the token to continue its rally until profit booking slows down the upward movement. The Band Protocol token’s price initially climbed above its 20-day EMA (red wave) dynamic resistance in July, but a drop of nearly 6% on July 3 pushed the price back below the EMA resistance. This indicates that bears are aggressively defending the supply zone near the 20-day EMA. Bulls will need to overcome this resistance and achieve good volumes to support the token’s rally towards the resistance near $1.34. A break above immediate resistance could lead the Band Protocol token’s price to target the 100-day EMA (blue wave) resistance near $1.5. On the other hand, if the price fails to rally, it could drop to support levels near $1.14 and $1.05 before recovering. The RSI for BAND remains neutral, with a score of 45.56 on the daily charts.