Band Protocol Price Prediction: BAND whales go on a buying frenzy while technicals suggest sell-off is coming
|- Band Protocol price is up by 40% in the past 24 hours reaching $17.38.
- Despite the significant increase in value, whales have continued to accumulate a lot of BAND tokens.
- A crucial indicator shows that Band Protocol is on the verge of a short-term sell-off.
Band Protocol has just topped out at $17.38, creating a potential triple top as the digital asset hit $17.78 in August 2020 and $17 in September 2020 and then plummeted. Nonetheless, BAND whales went on a buying frenzy and are pushing the digital asset higher, perhaps with enough strength to break the all-time highs.
Band Protocol shows mixed signals while whales continue to accumulate
According to statistics provided by Santiment, the number of whales holding between 10,000 and 100,000 BAND tokens ($170,000 and $1,700,000) has spiked by 18 since January 25 despite the Band Protocol price rising.
BAND Holders Distribution chart
This indicates that BAND has a lot of strength right now. On the daily chart, an ascending triangle pattern seems to have formed since July 2020 with a key resistance level at around $17. A clear breakout above this point would quickly push Band Protocol price towards a new all-time high at $31, an 83% move calculated by using the height of the pattern.
BAND/USD daily chart
On the other hand, the TD Sequential indicator has presented a sell signal on the 2-hour chart right at the key resistance level of $17. Additionally, on the 12-hour chart, the indicator has also printed a green ‘8’ candlestick.
BAND sell signals
Usually, the green ‘8’ candlestick is followed by a sell signal. Considering that Band Protocol price faces a key resistance level at $17, the bearish outlook has a lot of credence. There is also very low support on the way down and BAND can quickly fall towards $15.
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.