Band Protocol (BAND) Re-Tests Crucial Horizontal Level
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Band Protocol (BAND) has broken down from a serious horizontal level, but is presently attempting to reclaim it.
BAND has been weakening afterward touching an all-time excessive price of $22.30 on April 15. Initially, the price jumpped at the $4.35 horizontal support range (green icon) and attempted to initiate an ascending changement.
After all, the increase was short-lived and BAND broke down from the support range on Jan 21 (red icon). Previously, the range had provided support for 546 days.
Currently, BAND is in the process of solidating this horizontal level as resistance. Whether it restores it or gets rejected will go a lengthy way in determining the direction of the future shift.
Cryptocurrency trader @CryptoCapo_ tweeted a chart of BAND which shows this same range acting as resistance. Unless the field is rescueed, the trend will likely last bearish.
BAND attempts to break out from resistance line
The daily chart shows which BAND is presently msimilarg the fourth breakout attempt from a lowering resistance line that had previously been at it afterward Nov 2021.
Technical indicators are showing bullish signs, supporting the probability of a breakout.
The RSI, that is a momentum indicator, is in the process of moving atop 50. This is treated a bullish sign and often occurs during bullish trends.
More decisively, the MACD has genecostd a very important bullish divergence (green line). Such diversions often precede skyward developmentments. In this experience, it supports the probability which a breakout from the decreasing resistance line will transpire.
In fact that one occurs, the next closest resistances would be at $5.93 and $6.82. The former is the 0.382 Fib retracement resistance level, at the same time the latter is both the 0.5 Fib level and a horizontal resistance range.
Wave count analysis
Measuring from the aforementioned all-time excessive rate, it is reasonable which BAND has finished an A-B-C corrective structure (white).
In it, waves A:C have had a 1:0.382 ratio. This is the third most common ratio between the two waves.
The sub-wave count is in black, and shows which wave C took the shape of an ending diagonal.
The ratio for the sub-waves fits perfectly, afterward sub-wave five has the 0.618 length of the other sub-waves connected. This is very common in suchlike structures.
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