Band Protocol Price Analysis – 4th March 2021

The Band Protocol (BAND) market cap currently stands at US$302 million with US$102million in trade volume over the past 24 hours. BAND is ranked 122nd on the Brave New Coin market cap table. The BAND price is up 9% in the last 24 hours, and up 21% in the last month.

About Band Protocol

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. BAND is an Ethereum based ERC-20 token. While blockchains are great at immutable storage and deterministic, verifiable computations, they cannot securely access data available outside the blockchain networks. Band Protocol addresses this issue by enabling smart contract applications such as DeFi, prediction markets, and games to be built on-chain – without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a network of stakeholders including Sequoia Capital, and the Binance exchange.

Technical Analysis

Roadmaps for future market movements can be found on high timeframes using Exponential Moving Averages, Volume Profile Visible Range, Pivot Points, Ichimoku Cloud, and divergences. Further background information on the technical analysis discussed below can be found here.

Watch full BAND Coin Technical Analysis on YouTube

On the BAND/USD daily chart, the 50-day and 200-day Exponential Moving Averages (EMAs) have been bullishly crossed since late April 2020. Both the 50-day EMA, at US$12.36, and 200-day EMA, at US$8.56, should now act as support. Significant volume support (horizontal bars) sits at US$6.00 with additional volume support at US$9.00.

Turning to the Ichimoku Cloud, four metrics are used to indicate if a trend exists; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, and the Lagging Span. The best entry always occurs when most of the signals flip from bearish to bullish, or vice versa.

Daily Cloud metrics, with doubled settings (20/60/120/30) for more accurate signals, are currently bullish; the spot price is above the Cloud, the Cloud is bullish, the TK cross is bullish, and the Lagging Span is above Cloud and above price. The trend will remain bullish as long as the spot price is above the Cloud, currently at US$9.00.

Both the BAND/BTC and BAND/ETH pairs are neutral to bearish with prices below the 200-day EMA and below the daily Cloud. Potential long entry conditions will trigger when prices move above these key trend metrics.