Band Protocol price is on the verge of a massive 48% move, technicals suggest
|- Band Protocol price is bounded inside an ascending triangle pattern on the 12-hour chart.
- The digital asset is close to a potential breakout or breakdown.
Band Protocol has been trading relatively sideways in the past week awaiting a clear breakout or breakdown from an ascending triangle pattern on the 12-hour chart. The digital asset should see a clear way within the next week.
Band Protocol price in a do-or-die scenario
BAND has established an ascending triangle pattern on the 12-hour chart and it is trading right in the middle of it. The upper trendline resistance level at $7.4 has proven to be a tough bone to chew for the bulls in the past.
BAND/USD 12-hour chart
Currently, Band Protocol price is above the 50-SMA and the 100-SMA, which gives the bulls better odds for a breakout. Cracking the critical resistance level at $7.4 would push BAND towards $11.
On the other hand, a breakdown below the 50-SMA at $6.53 would be a bearish sign with the potential to push BAND towards the lower trendline of the ascending triangle. A breakdown below this point can drive Band Protocol price towards $3.4.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.