Band Protocol price forecast as it bounces back

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Band Protocol price forecast as it bounces back

By Crispus Nyaga - min read

Band Protocol price has emerged as a shining light in a difficult time for cryptocurrencies. The BAND coin jumped to a high of $2.84, which was about 115% above the lowest level this week. It has risen by over 30% in the past 24 hours, according to data compiled by Binance.

Why is BAND price rising?

Band Protocol is a blockchain project that provides oracle services to developers. An oracle is a product that makes it possible for developers to pull off-chain data and bring it to the on-chain ecosystem. 

For example, assume that you are building a decentralized sports betting platform. You will need external data on games in your platform. Now, instead of getting the off-chain data yourself, you will turn to an oracle provider and use API to incorporate it easily.

Band mostly provides price feeds on cryptocurrencies. These feeds are then common in DeFi platforms like Injective Protocol and Synthetix. It also provides datasets on foreign exchange and commodities.

Band Protocol operates in a highly competitive industry, where Chainlink dominates. Other leading players in the sector are WINKLink and Maker. Chainlink has the biggest market share in the industry by far.

It is unclear why the BAND price has jumped sharply amid a crypto turmoil. A likely reason is that the developers are working on the upcoming BandChain V2.4 launch. The new upgrade will introduce new features in its ecosystem. 

For example, it will change how gas is calculated in its ecosystem in a bid to make it cheaper for data providers. It will also reduce any risks to modifications of the Wasm code, and increase throughput by at least ten times. In other words, it will be able to reduce the time taken to run the same task from the worst-case scenario of 0.4 seconds to 0.03 seconds. 

Band Protocol price forecast

The four-hour chart shows that the BAND price has made a strong recovery in the past two days. In this period, it has managed to move above the 25-day and 50-day moving averages. The Stochastic Oscillator has moved close to the overbought level. At the same time, the Relative Strength Index (RSI) has moved close to the overbought area.

BAND seems to be forming a bullish flag pattern. Therefore, there is a likelihood that it will continue rising during the weekend as buyers target the key resistance level at $3.3.

How to buy BAND

Uphold

Uphold is a platform which has over 50 cryptocurrencies to choose from. It's users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades. Users who are on Brave's internet browser can also earn BAT tokens based on their browsing habits.

Buy BAND with Uphold today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BAND with Binance today