- After falling underneath $10 only a week or two in the past, Band Protocol (BAND) has bounced again.
- The coin traded as excessive as $17 simply on Tuesday after a notable partnership was announcement.
- BAND was additionally benefiting from an inflow of capital into the digital asset markets, which pushed BTC in itself up round four%.
- The main cryptocurrency could also be poised to reverse after an especially sturdy rally.
- Based on a Telegram channel for merchants, the coin printed a notable promote sign.
- This sign might result in a draw back correction for Band, which is up exponentially previously two months.
Band Protocol (BAND), a Chainlink Competitor, Simply Fashioned a Sell Sign
Band is making ready for a robust correction after rallying dozens of % for the reason that lows round two weeks in the past.
Based on a Telegram channel monitoring alerts pertaining to the Tom Demark Sequential, BAND is in a foul spot. The cryptocurrency has shaped a “promote 9” candle on its every day chart in opposition to BTC and the U.S. greenback per the channel.
Such alerts are most frequently seen earlier than an asset sees a reversal in its ongoing pattern; within the case of BAND, that may seemingly imply a pause/consolidation or a transfer to the draw back.
Chart of BAND's worth motion in opposition to the U.S. greenback over the previous few weeks with the Tom Demark Sequential from a Telegram channel monitoring the indicator. Chart from TradingView.com
Fundamentals Stay Bullish for the Coin
The basics of Band stay bullish regardless of the current worth weak spot and the promote alerts. The group behind the cryptocurrency challenge lately introduced that it has partnered with the Tron Basis to convey its know-how to the TRON ecosystem:
“TRONFoundation has strategically partnered and efficiently built-in Band Protocol into TRON, one of many largest blockchain platforms, to offer scalable and safe $BAND oracles for an ecosystem with nearly 1000 decentralized purposes.”
Introduced within the Medium publish accompanying the tweet, the 2 teams shall be collaborating on permitting TRON dApps to entry Band oracle knowledge.
Some within the house see this as a validation of the cryptocurrency, with this seemingly being its most notable partnership up to now:
“We’re ecstatic to boost TRON with probably the most priceless oracle product in the marketplace. This integration marks a brand new period of high-quality companions, protocols, and providers migrating to TRON’s blockchain. The way forward for blockchain know-how is brilliant as we kick off a collection of TRON DeFi partnerships to come back,” mentioned TRON founder Justin Solar on the matter of the partnership.
Band has additionally introduced a collection of different partnerships which might be more likely to bolster utilization of the coin and its applied sciences transferring ahead. But the TRON announcement appears to be probably the most notable up to now.
Featured Picture from Shutterstock Value tags: bandusd, bandbtc Charts from TradingView.com Band Protocol (BAND) Forms Notable Sell Sign... Twice