Band Protocol Price Prediction: BAND hints at a 40% lift-off to new highs soon

Band Protocol price indicates an explosive leg up due to the breach of a bull-flag pattern.
Achieving a 40% target from the breakout point would put BAND at a new all-time high of $25.
IOMAP model shows almost no resistance ahead for the oracle platform token.

Band Protocol price underwent consolidation after hitting a new all-time high at $20.82 on February 13. However, the formation of higher highs and lower lows suggested that BAND is consolidating within a bull flag pattern.

Band Protocol price primed for a higher high

Band Protocol price breached the bull-flag pattern during Tuesday’s trading session. However, the 4-hour candlestick close at 16:00 UTC confirmed the breakout.

A bull-flag pattern is a continuation pattern, and hence, the breakout tends to follow the previous price trend.

The technical setup forecasts a 40% target equal to the flag pole’s height measured from the breakout point, which puts BAND at a new all-time high of $25.

BAND/USDT 4-hour chart

According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, the oracle platform's upswing will be a walk in the park, as there is little resistance ahead of the coin.

Hence, it is likely that BAND will reach its new high without any selling pressure.

Regardless, investors need to remain cautious of a market-wide sell-off similar to the one witnessed on February 15.

If something similar was to happen, then Band Protocol might drop to its immediate support at $16.2, where 130 addresses hold around 1.16 million BAND.

Due to unforeseen events, if the price manages to slice through the above support level, then Global In/Out of the Money (IOMAP) indicates that $15.5 will be the next demand barrier, which coincides with the 50 four-hour moving average (MA).

Approximately 525 addresses previously purchased nearly 1.68 million BAND here.

Band IOMAP chart

Only a 4-hour candlestick close below the flag's lower trendline would invalidate Band Protocol's bullish outlook.

In this case, BAND could see a steep correction towards $11.55, where 1,900 addresses hold 2.4 million BAND

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.