- The BAND crypto is trading in a small range, witnessing a decline in trading volume.
- In the last 14 days, the price of BAND crypto has risen by 13.4%.
Band Protocol is a cross-chain data oracle platform facilitating the integration of real-world data into smart contracts. Governed by its native cryptocurrency, BAND tokens, users can stake for governance rights, access data feeds, and pay network fees. Created by a team led by CEO Soravis Srinawakoon, it enhances smart contract functionality with decentralized and reliable external data.
The derivative data for BAND crypto is showing a decline of 23.00% in derivative volume with an increase of 3.43% in Open Interest and a long/short ratio of 0.9646 in the last 24 hours.
The market cap of BAND crypto is showing an increase of 3.65% in the last 24 hours with a volume/market cap ratio of 4.13%. Moreover, the trading volume of the crypto has declined by 8.15% in the last 24 hours.
The price of BAND crypto has increased by more than 680% since it reached its lowest point of $0.203625. However, it is still far from its highest point of $22.83, which is 92.97% higher than the current market price.
BAND Technical Analysis
After witnessing a huge decline in the trading price of BAND crypto, it is currently trading at lower levels with small changes in the price. This denotes low volatility in the price.
Moreover, the BAND crypto has a strong resistance and change of character level at $3.40. If the price breaks above this level, it might lead to new highs and change its trend to a bullish one.
BAND/USD Chart by TradingView
The BAND crypto price is trading above the 50-day and the 200-day EMAs and they have formed a golden cross. This shows that the price is following a strong momentum and the price might continue to rise to higher levels in the upcoming days.
The MACD of the BAND crypto is giving a buy signal as it is situated above the zero level. Despite this, the MACD is forming weak volume blocks which indicates that the bullish momentum of the crypto is declining or that it might be entering a retracement zone.
Conclusion
The crypto price has been trading in a narrow range with low volume, indicating uncertainty in the market. The BAND crypto faces a crucial resistance at $3.40, which could determine its future trend. If the crypto breaks above this level, it could turn bullish and reach new highs. However, if the crypto fails to overcome this level, it could resume its downtrend and test lower support levels.
Technical Levels
- The support levels- $0.850 and $1.280
- The resistance levels- $2.30 and $3.70
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.