BAND Price Prediction – Top Crypto Gainer Surges 133% With $4.50 In Sight
Band Protocol, a decentralized finance (DeFi) token in the Ethereum ecosystem, has, over the last 24 hours, exploded by 133% to change hands at $3.51 during the European session on Friday. Before this breakout, BAND moved sideways between support at $1.10 and resistance at $1.30. If investors refrain from locking in profits, Band Protocol price could rise to tag $4.50, a move that will bring the $6.00 level within reach.
Band Protocol Completes the BandChain Mainnet Upgrade
Band Protocol’s rally occurred as investors positively reacted to the project’s new mainnet version, referred to as BandChain V2.4. The software upgrade comes exactly a week after the launch of Laozi-testnet-6 and the latest version of the blockchain’s IBC version.
The BandChain V2.4 is a major update and carries a lot of significance to the network. One of the major changes the upgrade focuses on is how to calculate gas on the BandChain to ensure that user experience is improved and the network’s throughput time.
Band Protocol has employed a new Metering Middleware from Wasmer. It is faster and more secure than the outgoing ‘inject gas’ technique.
“This transition allows the OS to efficiently calculate gas consumption in a manner that is not only more methodical, but also structurally sound,” Band Protocol explained in a blog post.
🎉 BandChain mainnet upgrade to V2.4. proposal is live!— Band Protocol (@BandProtocol) November 3, 2022
🗳️ To vote: https://t.co/zE1yhCXMK0
👉 More Details: https://t.co/DJHygzksw2
⏰ Voting Deadline: Nov 17th, 22
.$band #bandchain pic.twitter.com/a93l4Q0oRF
Band Protocol Price Prediction
Band Protocol price is among the top gainers on Friday, bolstered by a 1,187% spike in related trading volume. According to price data from CoinMarketCap (CMC), BAND’s volume holds slightly above $1 billion – traded over 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 flipped bullish immediately after jumping above the resistance provided by a descending trend line. The price struggled to clear resistance to the 50-day EMA (Exponential Moving Average) (EMA) in October’s third and fourth week. Still, an engulfing bullish candle elevated 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 far from over, with its leg likely to stretch to $4.50. However, a minor retreat to $2.70 may allow bulls to collect more liquidity before pushing the price higher.
The MACD (Moving Average Convergence Divergence) adds credence to the bullish outlook in Band Protocol price. A buy signal from the indicator was reinforced as the MACD climbed above the mean line.
The MACD needs to stay upward, 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 be prudent to bet on a move to $4.50 before the price retraces.
When Can You Lock in The Gains?
For conservative investors and traders, BAND’s upswing to $3.68 presents a considerable return on investment. Furthermore, the MVRV (Market Value Realized Value) by Santiment reveals that most holders are in profit, especially with the ratio at 19.40. It is worth mentioning that the model has already retraced from a yearly top of 29.38.
Readings above 1 imply that BAND is overvalued. In other words, with most holders realizing profits, they are likely to sell, thus creating more overhead pressure. This explains the pullback from 29.38 to 19.40.
If investors decide to lock the gains, a trend reversal will come into play, where Band Protocol Price will be forced to seek refuge at $2.70 and the 200-day EMA (in purple) at $2.08.
The IOMAP by IntoTheBlock highlights a robust resistance zone between $3.36 and $3.46. Precisely 69 addresses previously bought approximately 221,000 BAND tokens in that range. Investors could sell to break even as Band Protocol price climbs the ladder, eyeing $4.50, validating the selling pressure.
On the downside, the IOMAP shows the absence of solid support areas that could prevent retracements from wiping out most of the accrued gains. Therefore, traders can book profits at the market rate while patiently waiting for new entries as 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 actionable market data. D2T is the token powering the Dash 2 Trade ecosystem – and is currently at the presale stage.
Users on this platform will get the opportunity to create and test trading strategies which will allow them to take advantage of opportunities in the market. Moreover, a social trading system will support sharing of trading and investment ideas that help others make the most out of the crypto market.
Dash 2 Trade is currently in the presale stage, offering some of the most interesting opportunities in the crypto space. So far, the team has raised slightly above $4.7 million out of the $5.1 million expected in D2 T’s current presale stage. D2T now sells for 0.05 USDT, but this price will go up to $0.051 at the beginning of its subsequent presale stage.