Band Protocol Price Anticipates a 276% Surge
Band Protocol (BAND) has been making significant strides in the cryptocurrency sector, showcasing its dedication to expansion through recent developments. Speculations on social media hint at a potential collaboration between Band Protocol and Synthetix. If this partnership comes to fruition, it could serve as a catalyst for a bullish trend in BAND price.
The price of BAND has formed a bullish technical pattern known as a ‘falling wedge.’ This pattern consists of converging trend lines that connect lower highs and lower lows, creating a narrowing shape that slopes downward. Typically, a falling wedge suggests that the asset’s price, while consolidating in a downtrend, is gearing up for a potential reversal to the upside. Traders often project the widest part of the wedge at the beginning of the formation to estimate a potential price target.
In this case, technical analysis indicates that the Band Protocol token price could surge over 276% to reach a theoretical target of around $4.6. However, immediate price movement may not align directly with the projected target. Breaking out of the falling wedge pattern could attract more buying pressure, propelling the token’s price upward until profit booking slows down the momentum.
Despite a positive start to July, with BAND price surpassing its 20-day EMA resistance, a subsequent drop on July 3 pushed the token below this level. Bears seem to be defending the supply zone near the 20-day EMA, posing a challenge for the bulls. To continue the upward momentum, BAND price needs to flip the EMA resistance with substantial trading volumes.
If the resistance is overcome, the next target for the Band Protocol token would be the 100-day EMA resistance near $1.5. On the flip side, failure to rally could lead to a drop towards support levels at $1.14 and $1.05 before a potential recovery. The RSI for BAND currently stands at 45.56 on daily charts, indicating a neutral stance in the market.
