Band Protocol has been garnering significant attention over the past few weeks due to its intense rally that sent it from the lower-$4.00 region in early-August to highs of nearly $18.00 that were set earlier this week.
A dive into BAND's on-chain data suggests that the cryptocurrency is now trading just above a major support level that may bolster its near-term outlook.
Band Protocol sees parabolic growth amidst a slew of announcements.
Band Protocol's token has been one of the best performing within the entire crypto market so far this month.
While mapping out the events that helped drive this uptrend, analytics platform Messari noted that Band Protocol took a "Page straight out of the LINK handbook."
"BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing."
Unless the Band Protocol's oracle network sees further integrations in the near-term, there's a high likelihood that the cryptocurrency's uptrend will stagnate.
On-chain data shows BAND has strong support around $12.50.
Data from blockchain data firm IntoTheBlock shows that the Band Protocol token may not decline for too much longer before finding some strong support.
As seen in the above image, BAND doesn't face too much resistance until it reaches the price region between $14.16 and $14.48.
Here's what on-chain data is saying about Band Protocol's 30% decline
Published on Aug 12, 2020
by Cryptoslate | Published on Coinage
Why analysts are concerned with Yearn.finance following EMN debacle
Yesterday, the drama surrounding one of the external projects being developed by Yearn.
Crypto VC that thinks Ethereum will hit $1 trillion market cap admits it will have competitors
Ethereum has been the leading smart contract blockchain of the past few years without a doubt: its decentralized applications currently have tens of thousands of daily active users, which have siphoned over $10 billion worth of cryptocurrency into these apps.
SEC Seeks Trial of Swedish National Over Alleged Fraud That Took $3.5M in Crypto
Sep 30, 2020 at 09:37 UTCUpdated Sep 30, 2020 at 13:31 UTC.The U.S. Securities and Exchange Commission is demanding the trial by jury of a Swedish national for his alleged involvement in an international fraud that raked in millions in cryptocurrency.
Is Reddit's MOON Token Really 2,000x Bigger Than the Global Economy?
Sep 30, 2020 at 10:07 UTCUpdated Sep 30, 2020 at 13:27 UTC.A token for rewarding content on a specific Reddit forum now has the unusual honor of being thousands of times bigger than the entire global economy kind of.