Band Protocol price crash could extend as a stable demand barrier is being tested. SuperTrend indicator’s “sell signal” suggests that this drop could be the start of a much steeper retracement. Transactions data shows that odds are stacked against the bulls. Band Protocol price shows that the consolidation seen thus far could lead to a bearish breakout. Band Protocol price hints lower low Band Protocol price has been on low since it topped at $20.62 on February 12. During its consolidation, BAND has formed an ascending parallel channel consisting of higher highs and lower lows. At the time of writing, Band Protocol price is at an inflection point that it could either push the altcoin higher or lead to a bearish downswing. Considering the SuperTrend indicator’s “sell signal,” a downward breakout seems likely. For this purpose, the Band Protocol price needs to slice through the immediate demand barrier at $12.72. This move would signal a breach of the ascending parallel channel, which forecasts an 18% downtrend to $10.40, determined by measuring the channel’s height and adding it to the breakout point. BAND/USDT 4-hour chart Adding credence to this bearish outlook is IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows that sellers are stacked against BAND bulls. Nealy 2,200 addresses that purchased 2.6 million BAND tokens ranging from $13.4 to $14.3 are “Out of the Money.” Hence, these investors will pose a massive threat to any incoming bullish momentum. Therefore, Band Protocol price seems poised for a correction to $10.49, which coincides with the 161.8% Fibonacci retracement level. Other levels where BAND sellers might take a break include $12.08 and $11.13. Band Protocol IOMAP chart While the bearish scenario seems likely, if BAND price sees a massive inflow of fresh capital, then the resulting bullish momentum might be able to pierce through crucial levels. A decisive close above $14.3 would discharge the selling pressure from the underwater investors, who could then propel Band Protocol price to the technical formation’s middle line at $15.38. If the bullish momentum persists, then BAND could ascend to $17.6 after soaring 15%. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next China’s Top Diplomat Wang calls on countries to oppose the EU sanctions FX Street 1 year Band Protocol price crash could extend as a stable demand barrier is being tested. SuperTrend indicator's "sell signal" suggests that this drop could be the start of a much steeper retracement. Transactions data shows that odds are stacked against the bulls. Band Protocol price shows that the consolidation seen thus far could lead to a bearish breakout. Band Protocol price hints lower low Band Protocol price has been on low since it topped at $20.62 on February 12. During its consolidation, BAND has formed an ascending parallel channel consisting of higher highs and lower lows. At the time of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.