Aug 12, 2020 11:06 UTC
Aug 12, 2020 at 11:55 UTC
Details by On-Chain Data About Band Protocol’s 30% Fall
Band Protocol (BAND) has been gathering exceptional attention over the former few weeks due to its strong rally that sent it from the lower-$4.00 region in early-August to highs of nearly $18.00 that were set prior in this week. The cryptocurrency is present-day, facing an influx of selling pressure as its vastly profitable investors begin taking profits. A dive into BAND’s on-chain data, nevertheless, it recommends that the cryptocurrency is now trading just overhead a superior sustenance level that may bolster its near-term outlook. That being held, it still faces some hefty resistance around $14.00 that may be problematic for buyers to surmount.
Band Protocol Realizes Parabolic Rise Amid A Slide of Announcements
Band Protocol’s token has remained one of the most exceptional performings in the entire crypto market so far this month. After alleviating around $4.00 in early-August, the token’s worth began seeing a parabolic ascent that eventually led it to highs of $18.00 just a couple of days ago. A few key features backed this strong price movement, including notable integration announcements as well as a coveted Coinbase Pro listing. Accumulating fuel to the fire was Huobi’s decision also to list the token, which is what propelled it to its $18.00 highs. While drawing out the events that helped drive this uptrend, analytics platform Messari renowned that Band Protocol appropriated a “page straight out of the LINK handbook.” All these factors, still, were not enough to provide it with sustainable momentum, as it afterward erased 30% of these gains.
“BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing.”
Without the Band Protocol’s oracle network sees completing integrations in the near-term, there’s a high probability that the cryptocurrency’s uptrend will go off.
On-chain data displays BAND has firm sustenance about $12.50
Data from blockchain data firm IntoTheBlock displays that the Band Protocol token may not fall for too much longer before discovering some robust sustenance. Its pointer shows that the price region between $12.56 & $12.95 is strong support, BAND doesn’t face abundant resistance until it ranges the value region between $14.16 & $14.48.
One aspect that may likewise lift its price action is the mounting hype surrounding oracles. It has directed some investors to use Chainlink’s multi-billion-dollar market cap as an anchor for the BAND’s advance potential. Here’s what on-chain data is articulating about Band Protocol’s 30% decline Band Protocol, presently graded #48 by market cap, is fallen 5.62% in the past 24 hrs. BAND has a market cap of $280.01 Million with a 24 hrs. The volume of $225.19 Million.