The Band Protocol (BAND) price has increased rapidly over the past two days and is currently trading at an all-time high.
Both technical indicators and the wave count support a continuation of the upward move towards $25 and possibly $32.
New All-Time High
On Feb. 11, BAND rallied considerably, moving above the $16 resistance area, which had been in place since the all-time high of $18.22 on Aug. 2020.
It continued the ascent the next day and has since reached a new all-time high price of $20.23. The $16 area is now likely to act as support. The trend is bullish as long as BAND is trading above this level.
Technical indicators are bullish, particularly evident by the RSI moving above 70. Therefore, it’s likely that BAND is in a bullish trend and will resume its upward movement into price discovery.
Cryptocurrency trader @CryptoKaleo posted a chart, stating that the price is likely to move all the way to $20. Since the tweet, BAND has resumed its upward momentum, posting a high of $20.23.
The wave count suggests that BAND is in an extended wave three (white) of a bullish impulse that began on Mar. 2020. The most likely target for the top of this wave is at $31.80, which would give waves 1:3 a 1:1.61 ratio.
The sub-wave count is in orange, while the minor sub-wave count is in black. They show a 1-2/1-2 wave formation, which usually leads to parabolic advances, as has been the case with this pair.
A closer look at the move reveals another 1-2/1-2 formation, which suggests a local top near $25 before continuing the upward movement.
The BAND/BTC chart shows a reclaim of the 25,000 satoshi area, which previously acted as resistance, but now serves as support.
Currently, it is trading close to resistance at 40,000 satoshis. If it moves above here, it could increase all the way to 68,400 and potentially 100,000 satoshis, the 0.382 and 0.618 Fib retracement levels of the most recent downward movement.
Technical indicators are bullish and support the possibility of a breakout and subsequent rally towards these levels.
To conclude, BAND/USD has reached a new all-time high price, and the rally should turn parabolic since BAND is in price discovery.
BAND/BTC will likely break out above the 40,000 satoshi resistance area and gradually move towards 68,400 satoshis.
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
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