When the crypto winter began this year, it sent the prices of most cryptocurrencies to unexpected lows, and BAND was not an exception. Band protocol price dropped below $5 during the first days of 2022, and by mid-October, the BAND price had hit a $1 low. At the time of this writing, Band protocol ranks #268 on CoinMarketCap, with a live market cap of $72.8 million, with a 24-hour trading volume of 52.79 million, up by 1.98%.
Nevertheless, Band protocol was among the best performing cryptocurrencies in the first week of December, leaping 77% to a high of $2.78. The uptick rode on the excitement of an announcement that project developers were working to revamp the ecosystem. However, as the hype of the protocol revamp continues to fade off, BAND price has conformed to the market volatility, joining other projects that are still suffering from the FTX implosion and the prolonged bear market.
Band Protocol Price Reacts To BandChain Mainnet Upgrade Hype
Band protocol was launched to address the challenges that many decentralized finance (DeFi) applications experience, enabling tapping data from the traditional web. To this end, the project sets a decentralized bridge, making it possible to achieve secure interoperability between smart contracts and the traditional web.
The native token of the Band protocol is BAND. It gives holders voting rights within the network. BAND token also serves as a delegated proof-of-stake (DPoS) consensus mechanism to vote for a secure network.
As a blockchain project, the Band protocol provides oracle services to developers. An oracle is a product that facilitates developers’ move to pull off-chain data and bring it to the on-chain ecosystem. For instance, supposing you are developing a decentralized sports betting platform, one of the main requirements will be external data to build a narrative in the game. Therefore, instead of getting the off-chain data on your own, an oracle provider would come into play, using API to incorporate the data easily.
In the most part, band offers crypto price feeds, which are common in DeFi platforms such as Injective Protocol and Synthetix. Band also offers datasets on foreign exchange and commodities. As such, the protocol is a player in one of the most competitive industries on the blockchain, where Chainlink is the lead player with the largest market share by far, among industry peers like WINKLink and Maker.
The band protocol price recorded a $2.3 high on November 16, five days after crypto exchange FTX filed for bankruptcy. Therefore, it was unclear why BAND was doing fairly well, but all signs pointed to the hype around news of developers’ plans to launch the BandChain V2.4, a voting process for the BandChain mainnet upgrade earlier in the month.
Band Protocol has removed FTX from data sources since the situation started to unfold. We continue to monitor the situation closely and ensure sufficient sources to aggregate and report price data.
— Band Protocol (@BandProtocol) November 10, 2022
The voting, which continued on November 17, saw the band protocol improved with new features being integrated into the platform.
From the reports, the Band Protocol upgrade would see Bump Cosmos-sdk develop to V0.45.10 with the ibic-go-to also being upgraded. In so doing, the protocol would be able to support state sync and ICA host. Band platform is also looking to enhance its throughput for its oracle module by a factor of 10, alongside other plans to increase the MaxGas per block to 50M Gas. This will change the ecosystem’s ways of calculating gas, making it cheaper for data providers.
The revamping would also see risks reduced following modifications to the Wasm code and in the process enhance throughput by a factor of 10. Simply put, the time taken to run the same task would reduce from the worst-case scenario of 0.4 seconds to as little as 0.03 seconds.
Band Protocol Price Nurtures A Cup And Handle Chart Pattern
After turning away from the November 16 high at $2.3, the Band Protocol price embarked on a downtrend that was stopped by the 100-day simple moving average (SMA) which was sitting at $1.53. This move led to losses amounting to 31.4%.
The 100-SMA provided a launch pad for the BAND token which recorded a series of higher highs and higher lows reaching a high of $2.7 at the beginning of December. The inability of the buyers to sustain the higher highs saw the price drop toward $1.93 before mildly recovering to the current price of around $2.07.
This price action has led to the appearance of a cup and handle chart pattern on the 12-hour chart (see below), indicating a bullish outlook aiming for higher levels. This technical setup is a significantly bullish chart pattern that, if confirmed, could trigger massive buy orders for BAND.
Note that the measured move of the cup and handle pattern for the BAND price is a 31.34% climb from the cup’s neckline suggesting a price target of $3.0. The target falls short of the November 4 high above $3.7.
BAND needs to break out above the immediate resistance provided by the $2.2 psychological level and the handle’s high of $2.3, embraced by the pattern’s neckline, to overcome the selling pressure and take BAND out of the handle, confirming a bullish breakout. If this happens, the odds of an upward swing towards $3.0 will increase, bringing the total gains to 44.93% from the current price.
This upswing will however be met by resistance at the $2.42 support level and the equal highs around $2.55. An additional barrier may emerge from the $2.84 swing high reached on November 11.
BAND/USD 12-Hour Chart
Supporting this outlook was the upward movement of the Moving Average Convergence Divergence (MACD) indicator which continues its upward trajectory above the midline in the positive region. Note that this trend-following oscillator may soon send a call to buy BAND. This may happen in the near future when the 12-period exponential moving average (EMA) moves above the 26-period EMA. if this happens, the ongoing correction could be short-lived with the buyers lifting the price from the cup’s handle.
Moreover, the upward-facing Stochastic RSI away from the oversold region implied that buyers had begun returning to the scene. This oscillating indicator also showed that the Band Protocol token had been recently oversold, pointing to a possible trend reversal. If this happens, interested investors may move to buy the crypto at lower prices and the ensuing demand pressure is likely to push BAND higher.
Also supporting Band protocol’s bullish thesis is the fact that the price sits on strong support provided by the 50-period simple moving average (SMA) currently sitting at $1.93, the $1.8 psychological level embraced by the 100 SMA, and the 200 SMA at $1.51.
Moreover, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model also indicates that BAND sits on relatively robust support downward. The area around $1.93 where the 50 SMA sits is near the $1.95 to $2.01 demand zone where approximately 2.16 billion BAND were previously bought by roughly 344 addresses.
Band Protocol IOMAP Chart
The IOMAP chart shows that this area is robust enough to absorb any selling pressure threatening to take the price below the 50 SMA.
Can BAND’s Bullish Narrative Be Invalidated?
Band Protocol’s bullish thesis could be invalidated if the price produces a 12-hour candlestick close below the 50 SMA at $1.93, which coincides with the handle’s bottom. If this happens, the odds for a deeper correction would increase which would see the BAND price fall to the 100 SMA at $1.8 or the $1.68 support level.
Moreover, a drop below the $1.65 support will turn the Band Protocol price prediction extremely bearish pushing the price even lower to reach the cup’s bottom around $1.57 or the 200 SMA below it.
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