Band Protocol (BAND) Price Risks Breakdown From 875-Day Support

Key Takeaways

• Band Protocol (BAND) trades inside the $1 support area.
• BAND prevented a breakdown with a bounce in February.
• Will BAND break down from this support area or not?
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The BAND price has struggled since November 2022, creating numerous lower highs. During the Feb. 3 liquidation event, the price nearly broke down from a critical horizontal support level but bounced back and prevented the breakdown.

Despite the bounce, the BAND price has failed to initiate any sustainable upward movement and is still at risk of another breakdown. Let’s look at the charts and see how likely this is.

BAND Price Prevents Breakdown

The weekly time frame BAND chart shows that the price has fallen under a descending resistance trend line since October 2022. Despite several breakdown attempts, the BAND price traded above the $1 horizontal support area during this time.

Combined, the trend line and the support area create a descending triangle, which is considered a bearish pattern.

More recently, the BAND price declined below this area on Feb. 3 (green icon) but bounced and reclaimed it shortly after. This is a positive sign that is often followed by upward movements.

However, technical indicators do not support the reversal yet. On the contrary, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both bearish and falling. The RSI is below 50, while the MACD is negative.

The weekly time frame suggests that an eventual breakdown is still likely, taking the BAND price to new lows.

Future BAND Prediction

The long-term wave count aligns with the bearish BAND predictions, suggesting a breakdown will happen. According to the count, BAND has completed a long-term five-wave upward movement in 2020/2021 and is correcting since.

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The count shows a W-X-Y correction, where wave Y was a symmetrical triangle. The black sub-wave count suggests the BAND price has completed sub-wave E.

If waves W and Y have the same length and duration, the BAND price will bottom at $0.096 in July 2026.

Alternatively, a breakout from the resistance trend line would mean the decline is over and a bullish trend reversal has started. However, this currently seems unlikely.

Bearish Trend Ahead

The BAND price strengthened by preventing a breakdown with a bounce in February. However, the trend remains bearish, and an eventual breakdown is still likely.