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Band Protocol (BAND) and DIA Technical Analysis: What to Expect?

source-logo  cryptoknowmics.com 20 July 2021 13:40, UTC

Band Protocol and DIA prices are under immense selling pressure at press time. While BAND may collapse below $4.5, DIA/USDT is already in 2020 territory, caving in under the weight of sellers.

Band Protocol (BAND)

The blockchain-agnostic, Cosmos SDK-powered oracle provider is secure, using the BFT consensus algorithm. BAND is the protocol’s native token.

Past Performance of BAND

BAND bulls face insurmountable selling pressure and are on the cusp of registering new 2021 lows. Price action from the daily chart reveals weakness.

Already, BAND sellers have wiped gains of Q1 2021, putting BAND/USDT in a dicey position.

BAND is presently down roughly 12 percent on the last trading day.

Day-Ahead and what to Expect

Overly, sellers are in control. As long as BAND prices trade above $4.5 and June 2021 lows, buyers have a chance.

If not, and BAND melts through this support line, odds of BAND crashing to new 2021 lows, dashing bulls’ hope remain high.

BAND/USDT Technical Analysis

Technically, BAND/USDT is in a downtrend and may crash below $4.5.

For buy trend continuation, there must be a sharp reversal from spot rates, ideally above $7, and the middle BB if bulls are to receive support.

If not, a high volume close below $4.5 may see BAND drop towards Q4 2020 lows of around $3, accelerated by determined sellers.

DIA

The open-source oracle platform specializes in providing financial data to analysts and scientists. Its system uses DIA coin.

Past Performance of DIA

The coin is trading within a bear breakout pattern at around November 2020 trade range.

Technically, DIA is overloaded and may continue to sink if prices fail to recover above immediate liquidation lines per price action in the daily chart.

As of writing, DIA is down 11 percent versus the USD.

Day-Ahead and what to Expect

The confirmation of the three-bar bearish reversal pattern from July 11 to 15 at around $1.5 broke DIA bulls’ spirits.

Presently, the conspicuous bear bar of July 16 isn’t doing any favor for bulls, placing DIA sellers at the fore.

Losses below the current trade range at $0.95 could see DIA plunge to new territories.

DIA/USDT Technical Analysis

At the time of writing, DIA bears are in the driving seat, reflecting the general state of the market.

In this case, therefore, every pullback towards $1.5 inside the July 16 zone provides an unloading opportunity for sellers targeting $0.95 in the immediate term.

Unexpected sustained gains above $1.5 nullify the downtrend, a reprieve for traders expecting a retest of $3.

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