Since the start of this year, the Decentralize Finance (DeFi) section in the crypto industry has been on fire, with DeFi tokens recording gains we once experienced during the good-ole days of ICO. One of these tokens that have recorded a meteoric rise in price is BAND, the native cryptocurrency of Band Protocol, a cross-chain data oracle network.
BAND continues to break and set records, no surprise that its fanbase is growing. On August 6, BAND surged to more than 65% in one day. In the space of 24 hours, the price of BAND rose from $4.82 to $8. After the last significant surge, BAND showed no sign of relenting has it continued to grow.
According to Coingecko, in the past seven days, $BAND has recorded a price change of 265.1% and in the past fourteen days, 288.6%. At the time of writing, BAND price is $15.34, indicating that the surge in price is still on.
The massive spike in the value of BAND could be traced to several factors. One of the reasons for the increase in price is the listing of BAND by Coinbase. The leading US crypto exchange announced last week that it would list the token on August 10, a price spiked followed the announcement almost immediately.
BAND/USD
- Key Resistance Levels: $18.00, $17.00, $16.50.
- Key Support levels: $14.89, $10.08, $6.98.
With the increase in price, resistance levels are sure to be broken, giving rise to new support levels. With BAND price still at $15.34 at the time of writing, the $14.89 support level is a short term support level. Since it was broken as a resistance level, it has only been tested twice.
The $10.08 support level is another level to reckon with, since it became a support level it has never been tested, so too the $6.98. If prices remain above the $14 support level, then the $6.98 support level could become a long term support level.
To whom much praise is given, more work is expected, so the saying goes in the crypto world. With the support, levels noted the resistance is next. The first two resistance levels, the $16.50 and $17.00 has been broken before, and it might be broken again. The next resistance level that should be taken note of is the $18, and it could be broken more bulls are seen
Affiliate: Get a Trezor Model One hardware wallet for just $55 so hackers won’t steal your crypto.
Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.