Targets for Band Protocol
Updated
- In case of a bullish continuation I can see the 20 USD resistance break to the upside, the next Fibonacci targets are: 38 USD, 62 USD, 85 USD. Reversal area will be 4-5 USD in that case.
- In case of a bearish continuation and a longer term consolidation of Bitcoin, I expect Band Protocol to seek for the lowest support levels (alts do bleed out during a bearish Bitcoin consolidation, 2018-2020 as a reference).
- In case of a relief rally, I expect Band Protocol to have a hard time going through the resistances, each resistance is a potential sell zone.
Long term I think DeFi is the way to go and Band will play an important role in that space. So I am quite confident that at least one of the Fibonacci targets will be hit in the future.
Many altcoins without use cases will eventually become worthless, but Band Protocol is being used already very actively, unlike many other projects that are valued way more.
I still consider this project as undervalued in the crypto space, so the best I can advise is to dollar cost average into this.
- In case of a bearish continuation and a longer term consolidation of Bitcoin, I expect Band Protocol to seek for the lowest support levels (alts do bleed out during a bearish Bitcoin consolidation, 2018-2020 as a reference).
- In case of a relief rally, I expect Band Protocol to have a hard time going through the resistances, each resistance is a potential sell zone.
Long term I think DeFi is the way to go and Band will play an important role in that space. So I am quite confident that at least one of the Fibonacci targets will be hit in the future.
Many altcoins without use cases will eventually become worthless, but Band Protocol is being used already very actively, unlike many other projects that are valued way more.
I still consider this project as undervalued in the crypto space, so the best I can advise is to dollar cost average into this.
Note
The first resistance is broken and the market sentiment has turned from super bearish to bullish again. Personally, I don't think this feels like a relief rally, it's rising slow and steady, which is usually a sign of the beginning of an acceleration.If the market can remain trending upwards, I suspect the upper resistance of 20 USD to break in the near future. Of course this is still too far forward to tell as there are more resistances to come, but for now we should see support around the previous 7.4 USD resistance already.
Note
7.4 USD resistance is holding. I expect to see some more chop between 7.4 USD and 11 USD before breaking the 11 USD resistance.Note
As commented on Sep 7, the market is still choppy between 7.4 USD and 11 USD.So far the 7.4 USD support is still holding. If it holds, in the broader time frame we are making a higher low here and theoretically a good long term entry position.
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