BAND Price Prediction – Top Crypto Booster Rises 133% With $4.50 in Sight
Band Protocol, a decentralized finance (DeFi) token in the Ethereum ecosystem, has exploded by 133% in the last 24 hours to change hands at $3.51 during the European session on Friday. Prior to this breakout, BAND was moving sideways between support at $1.10 and resistance at $1.30. If investors refrain from locking in profits, the Band Protocol price could rise to $4.50, a move that would bring the $6.00 level within reach.
Band Protocol Completes BandChain Mainnet Upgrade
Band Protocol’s rally occurred as investors reacted positively to the project’s new mainnet version, referred to as BandChain V2.4. The software upgrade comes exactly one week after the launch of Laozi-testnet-6 and the latest version of the blockchain’s IBC version.
BandChain V2.4 is a big update and has a lot of significance for the network. One of the major changes the upgrade focuses on is how to calculate gas on BandChain to ensure user experience and network throughput time are improved.
Band Protocol has employed a new Metering Middleware from Wasmer. It is faster and safer than the outgoing “inject gas” technique.
“This transition allows the operating system to efficiently calculate gas consumption in a way that is not only more methodical, but also structurally sound,” Band Protocol explained in a blog post.
Band Protocol Price Prediction
The Band Protocol price is among the biggest winners on Friday, boosted by a 1,187% increase in related trading volume. According to price data from CoinMarketCap (CMC), BAND’s volume has just over $1 billion – traded in the last 24 hours. The token’s fully diluted market also shot up significantly to $345 million at the time of writing.
From the chart below, BAND turned bullish immediately after jumping over the resistance provided by a descending trend line. The price struggled to clear the resistance against the 50-day EMA (Exponential Moving Average) (EMA) in the third and fourth weeks of October. Still, an engulfing bullish candle lifted BAND to $2.70 during the first few days of November.
The launch of the BandChain V2.4 software upgrade on Thursday sparked excitement among investors, culminating in increased demand for the token. Band Protocol continues its winning streak on Friday, trading at an intraday high of $3.68.
Band Protocol’s uptrend appears to be far from over and the leg is likely to extend to $4.50. However, a minor retreat to $2.70 could allow bulls to gather more liquidity before pushing the price higher.
MACD (Moving Average Convergence Divergence) lends credence to the bullish outlook in the Band Protocol price. A buy signal from the indicator was reinforced when the MACD climbed above the mean line.
MACD needs to stay up, encouraging more buyers to join the trend. According to the OBV (On Balance Indicator), most of the trading volume is positive. For this reason, it would make sense to bet on a move to $4.50 before the price pulls back.
When can you lock in the winnings?
For conservative investors and traders, BAND’s rise to $3.68 represents a significant return on investment. Furthermore, MVRV (Market Value Realized Value) of Santiment reveals that most owners are in profit, especially with the ratio of 19.40. It is worth mentioning that the model has already retraced from an annual high of 29.38.
Measurements above 1 suggest that BAND is overrated. In other words, with most holders realizing profits, they are likely to sell, thus creating more overhead pressure. This explains the withdrawal from 29.38 to 19.40.
If investors decide to lock in the gains, a trend reversal will come into play, where the Band Protocol Price will be forced to take refuge at $2.70 and the 200-day EMA (in purple) at $2.08.
IOMAP by IntoTheBlock highlights a robust resistance zone between $3.36 and $3.46. Exactly 69 addresses previously purchased approximately 221,000 BAND tokens in that area. Investors can sell to break even as the Band Protocol price climbs the ladder, looking at $4.50, confirming selling pressure.
On the downside, IOMAP shows the absence of solid support areas that can prevent retracements from wiping out most of the accrued gains. Therefore, traders can book profits at market rates while patiently waiting for new entries when the price pulls back.
Band protocol price has peaked – Eyes on Dash 2 Trade
Dash 2 Trader, a world-class crypto analytics and social trading platform, plans to make it easier for investors to make informed decisions using market data. D2T is the token that powers the Dash 2 Trade ecosystem – and is currently in the pre-sale stage.
Users of this platform will have the opportunity to create and test trading strategies that will allow them to take advantage of opportunities in the market. Also, a social trading system will support the sharing of trading and investment ideas that help others make the most of the crypto market.
Dash 2 Trade is currently in the pre-sale stage, offering some of the most interesting opportunities in the crypto space. So far, the team has raised just over $4.7 million of the $5.1 million expected in D2 T’s current pre-sale phase. D2T is now selling for 0.05 USDT, but this price will go up to $0.051 at the beginning of the subsequent presale stage.
Visit Dash 2 Shop Now.
